UiPath, the leading robotic process automation (RPA) company founded by two Romanian entrepreneurs, has raised USD 568 million in a Series D investment round to reach a valuation of USD 7 billion, making it the fastest growing and highest-valued AI enterprise software companies worldwide.
The investment round 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 Series 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.
UiPath’s RPA software performs low-skilled tasks that businesses once outsourced to humans in cheap-wage countries, such as repetitive, routine data entry and processing tasks. The software has over 400,000 users worldwide.
“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. 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,” said UiPath CEO and co-founder Daniel Dines.
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.
The company employs about 2,500 people. It was ranked the 26th fastest growing company in North America in Deloitte’s 2018 Fast 500 and has been recognised for supporting its employees’ wellbeing with several awards.
Some of UiPath’s recent customer additions include Duracell, Google, Japan Exchange Group, McDonalds, NHS Shared Business Services, Orange, Uber, US Navy, Virgin Media, and many more.
“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.”
In March, UiPath opened an Immersion Lab in Bucharest, where prospects and partners across EMEA can visit for a deep-dive journey into RPA and AI. The Lab will enable customers and partners to deliver optimal RPA and AI implementations by simulating their environment beforehand, and also allow them to realise possibilities beyond their existing RPA operation.