Robotic Process Automation Company UiPath Nabs $568 Million Investment Boost
Automation technology is attracting growing amounts of investment and shows no sign of stopping. April was no different when we talk of investments done in this sector. US-based robotic process automation (RPA) company UiPath closed its 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, and Sands Capital. Accel, which led the series A and B rounds, and CapitalG and Sequoia, which led the series C round, participated in this round with other existing investors, including IVP and Madrona Venture Group.
At the $7 billion valuation, UiPath is one of the fastest growing and highest-valued AI enterprise software companies worldwide. The startup closed its series A funding in April, and since then has expanded on its most important milestones.
“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, co-founder and chief executive officer, UiPath, on the investment.
Leading the "Automation First" Era
The startup has recently added customers such as American Fidelity, BankUnited, CWT (formerly known as Carlson Wagonlit Travel), Duracell, Google, Japan Exchange Group (JPX), LogMeIn, McDonalds, NHS Shared Business Services, Nippon Life Insurance Company, NTT Communications Corporation, Orange™, Ricoh Company, Ltd., Rogers Communications, Shinsei Bank, Quest Diagnostics, Uber, US Navy, Voya Financial, Virgin Media, and World Fuel Services.
“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. 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,” added Dines.
The startup is leading the “automation first” era – championing one robot for every person, delivering free and open training and collaboration and enabling robots to learn new skills through AI and machine learning. Led by a commitment to bring digital era skills to more than a million people, the company’s enterprise Robotic Process Automation (RPA) platform has already automated millions of repetitive, mind-numbing tasks for business and government organisations all over the world, improving productivity, customer experience and employee job satisfaction.
Driving Workplace Innovation
Recently named by Comparably as the 6th happiest place to work and the 11th best company culture among large businesses, UiPath is one of the fastest growing and highest-valued AI enterprise software companies worldwide.
“UiPath is improving business performance, efficiency and operation in a way we’ve never seen before. The company’s rapid growth over the last two years is a testament to the fact that UiPath is transforming how companies manage their resources. RPA presents an enormous opportunity for companies around the world who are embracing artificial intelligence, driving a new era of productivity, efficiency and workplace satisfaction,” said Philippe Laffont, founder of Coatue Management.
Based in New York City, US, the startup also maintains offices in Australia, France, Hong Kong, India, Japan, Singapore, Romania, and the United Kingdom.