RPA firm UiPath raises $568 Million Series D funding round
In 24 months, company has grown from valuation of $110 Million to $7 Billion
Robotic process automation (RPA) firm, UiPath has closed a Series D investment round, raising $568 million at a post-money valuation of $7 Billion.
The funding round was led by Coatue and joined by Dragoneer, Wellington, Sands Capital, and funds and accounts advised by T. Rowe Price Associates. Accel, who led the Series A and B rounds, and CapitalG and Sequoia who led the Series C round, all participated in this round, as did other existing investors, including IVP and Madrona Venture Group.
At a $7 Billion valuation, UiPath is one of the fastest growing and highest-valued AI enterprise software companies worldwide.
“We are at the tipping point. Business leaders everywhere are augmenting their workforces with software robots, rapidly accelerating the digital transformation of their entire business and freeing employees to spend time on more impactful work,” said Daniel Dines, UiPath co-founder and CEO.
“I am humbled by the amazing support our customers, partners and investors give us every day, inspiring us to work harder to evolve RPA as the platform that not only unlocks the true potential of AI, but also other emerging technologies. We are just getting started,” Dines added.
UiPath closed its Series A funding in April 2017, and since then has cultivated a customer base now exceeding more than 400,000 users worldwide across 200 countries. The company has also delivered six releases of the UiPath Enterprise RPA platform, launched UiPath Go!, integrated AI by adding new capabilities like AI Computer Vision, and created an open and extensible architecture that continues to attract for third-party RPA and AI development to UiPath.
Since then, the company has also increased annual recurring revenue (ARR) from $8 million to over $200 million; and grew its employee base to over 2,500, a 16x increase during the period.