NEW YORK — UiPath, a robotic process automation (RPA) software company, has landed a staggering $568 million Series D investment round giving the company a valuation of $7 billion. The new funding was led by investment firm Coatue and joined by Dragoneer, Wellington, Sands Capital, and funds advised by T. Rowe Price Associates, Inc. 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 the $7 billion valuation, UiPath is one of the fastest growing and highest-valued AI enterprise software companies worldwide.
The company was originally founded in 2005 in a tiny apartment in Bucharest, Romania as DeskOver. The company launched a desktop automation product in 2013. In 2015, the enterprise platform was introduced along with the new name UiPath.
UiPath closed its Series A funding in April 2017, and since then has expanded on its most important milestones:
- Cultivated the world’s largest community in RPA, now exceeding 400,000 users worldwide across 200 countries;
- Expanded its worldwide customer base to eight of the top 10 Fortune Global 500, and over 50 percent of the top 50 Fortune Global 500;
- Delivered six releases of the UiPath Enterprise RPA platform with defense-grade security, launched UiPath Go!, integrated AI by adding new capabilities like AI Computer Vision, and created an open and extensible architecture that has made UiPath the platform of choice for third-party RPA and AI development;
- 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.
“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. “UiPath is leading this workforce revolution, driven by our core determination to democratize 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.”
Recent customer additions include 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 improving business performance, efficiency and operation in a way we’ve never seen before,” said Philippe Laffont, founder of Coatue Management. “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.”
UiPath has headquarters at 90 Park Avenue and 37 offices around the world.