UiPath Raises $568 Million Series D Funding Round

UiPath Raises $568 Million Series D Funding Round
30.04.2019 01:06 pm

UiPath Raises $568 Million Series D Funding Round

Artificial Intelligence , Machine Learning , FinTech StartUps

The leading robotic process automation (RPA) company, UiPath, is blazing a path to an “automation first” era, closing its Series D investment round, raising $568 million at a post-money valuation of $7 Billion. This was led by Coatue and joined by Dragoneer, Wellington, Sands Capital, and funds and accounts 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.

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 more than 400,000 users worldwide across 200 countries;

●      Expanded its worldwide customer base to 8 of the top 10 Fortune 500 Global, and over 50 percent of the top 50 Fortune 500 Global;

●      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 its annual recurring revenue (ARR) from $8 million to over $200 million;

●      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 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.”

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’s commitment to delivering the best RPA solution and creating a powerful, open and transparent team has garnered significant recognition:

●      Listed in CB Insights’ AI 100, a list showcasing the 100 most promising private artificial intelligence (AI) companies in the world;

●      Named in the Forbes 2018 Cloud 100, snagging the fourteenth spot on the list;

●      Ranked the 26th fastest growing company in North America on the 2018 Deloitte Fast 500;

●      Named a leader in The Forrester Wave™: Robotic Process Automation, Q2 2018; and

●      Given more than ten Comparably Awards in categories including: Best Place to Work, Best Places to Work in New York region, Best Outlook (large companies), Happiest Employees, Best Engineering Teams 2019, Best Product Teams 2019, Best Company for Women, Diversity, Perks & Benefits and Compensation.

“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 is enabling the critical capabilities necessary to advance how companies perform and how employees better spend their time,” said Greg Dunham, vice president at T. Rowe Price Associates, Inc. “The industry has achieved rapid growth in such a short time, with UiPath at the head of it, largely due to the fact that RPA is becoming recognised as the paradigm shift needed to drive digital transformation through virtually every single industry in the world.”

Related News

interface Powered Digital Assistant Increases Customer Acquisition by 5x for a Texas-Based Credit Union

Texas Dow Employees Credit Union (TDECU), a texas-based credit union with assets over $3 billion, implements interfaces' AI-Powered Digital Assistant, helping drive the... Read more »

MDOTM appoints its Advisory Board

MDOTM, the fintech startup that develops AI-driven investment strategies for institutional investors (Banks, Family Offices, Wealth and Asset Management companies), launches... Read more »

If AI Could Feel, it Would Fear Cyber Attacks from People

Artificial intelligence (AI) is rapidly finding applications in nearly every walk of life. Self-driving cars, social media networks, cyber security companies, and everything in... Read more »

Brighterion and Elavon to Fight Fraud with Artificial Intelligence

While the global implementation of EMV chip technology has reduced fraud activity for card payments, the payment’s ecosystem is still battling the threat of new and emerging... Read more »

YSEOP Recognized as a Representative Vendor in Gartner’s First Ever Market Guide for Natural Language Generation Platforms

YSEOP, world leader in AI software and pioneer of natural language generation technology (NLG), today announced recognition as a Representative Vendor in Gartner’s first Market... Read more »

Deutsche Bank Wealth Management Selects Finantix KYC Solution to Empower KYC Processes with AI Tools

 Finantix, a leading supplier of transformational software to the private banking, wealth management and insurance... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel