NEW YORK — UiPath, a company focused on Robotic Process Automation (RPA) for corporations, announced it has closed a Series E investment round, raising $225 million and giving the company a valuation of $10.2 billion.
The round was led by Alkeon. Others participating include Accel, Coatue, Dragoneer, IVP, Madrona Venture Group, Sequoia Capital, Tencent, Tiger Global, Wellington, and funds and accounts advised by T. Rowe Price Associates, Inc. UiPath reports over $400 million in annual recurring revenue and is one of the fastest growing enterprise software companies worldwide.
UiPath plans to use the new funding to deepen its investment in research and development. Having announced the availability of its end-to-end hyperautomation platform in May 2020, UiPath is focused on accelerating and democratizing automation adoption to help customers deliver a better customer experience so employees worldwide can use, and also experience optimal value from, software robots. Whether on-premise or in the cloud, UiPath customers are afforded flexible deployment options best suited for their organization.
“This funding allows us to accelerate our platform ambitions to meet mounting customer demands and scale the tremendous opportunity to bring automation to one billion citizen developers – resulting in every business finally becoming a software business,” said Daniel Dines, UiPath Co-Founder and CEO. “We will advance our market-leading platform and will continue to deepen our investments in AI-powered innovation and expanded cloud offerings. COVID-19 has heightened the critical need of automation to address challenges and create value in days and weeks, not months and years. We are committed to working harder to help our customers evolve, transform, and succeed fast in the new normal.”
“Automation, similar to cloud computing, has become a strategic imperative that is fundamentally changing the way organizations operate. UiPath’s leading-edge, mission critical product combines scalable software with an intuitive user interface enabling companies globally to accelerate their digital transformation efforts,” said Abhi Arun, General Partner at Alkeon. “UiPath is one of the fastest growing enterprise software companies in technology history and we’re excited to partner with them for years to come, as they deliver the most advanced and disruptive automation platforms of the modern enterprise.”
UiPath offers an end-to-end platform for hyperautomation, combining the leading Robotic Process Automation (RPA) solution with a full suite of capabilities that enable every organization to scale digital business operations at unprecedented speed. The company has already automated millions of repetitive tasks for over 65% of the Fortune 500 and 8 of the Fortune 10.