RPA firm UiPath closes $568m funding round

RPA firm UiPath closes $568m funding round

Robotic process automation (RPA) firm UiPath has closed a $568 million Series D funding round at a post-money valuation of $7 billion, reports Jane Connolly.

“We’re at the tipping point”

The round was led by Coatue, joined by Dragoneer, Wellington, Sands Capital and funds and accounts advised by T. Rowe Price Associates, Inc.

Previous investors also took part in this round, including Series A and B round leader Accel, and CapitalG and Sequoia, who led Series C.

Since closing its Series A round in April 2017, UiPath has become of the world’s fastest growing and highest valued AI enterprise software companies, increasing its annual recurring revenue from $8 million to over $200 million.

Daniel Dines, UiPath co-founder and CEO, says the company is just getting started.

“We’re at the tipping point,” he says. “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.”

Dines adds: “UiPath is leading this workforce revolution, driven by our core determination to democratise RPA and deliver on our vision of a robot helping every person.”

UiPath also boasts the world’s largest community in RPA, at 400,000 users across 200 countries and has multiplied its workforce 16 times to over 2,500 employees.

During this time, UiPath has delivered six releases of the UiPath Enterprise RPA platform with defence grade security, launched RPA “one-stop-shop” UiPath Go! and integrated AI with new capabilities such as AI Computer Vision.

UiPath counts 50% of the top 50 Fortune Global 500 firms among its customers, including eight of the top ten companies.