UiPath, a New York-based startup that provides robotic process automation (RPA) software for businesses, has raised $750 million in a new funding round, valuing the company at $35 billion.
The Series F funding round was led by Alkeon Capital, with participation from existing investors Coatue, Dragoneer, IVP, Madrona Venture Group, Sequoia Capital, Tencent, Tiger Global, and Wellington Management.
UiPath’s software uses artificial intelligence and machine learning to automate repetitive tasks such as data entry and invoicing, freeing up human workers to focus on more complex tasks. The company’s platform is used by more than 7,000 organizations worldwide, including many Fortune 500 companies.
The latest funding round brings UiPath’s total funding to date to $2.6 billion, making it one of the most well-funded startups in the AI space.
“UiPath is leading the charge in the rapidly growing RPA market, and we are excited to support its continued growth and innovation,” said Abhi Arun, portfolio manager at Alkeon Capital.
UiPath plans to use the new funding to expand its product offerings, invest in research and development, and expand its global reach.
“We are grateful to our investors for their continued support and confidence in our vision,” said Daniel Dines, co-founder and CEO of UiPath. “This funding will help us accelerate our mission to deliver a platform that enables our customers to automate any process end-to-end, from discovery to measurement, with enterprise-wide scalability.”
The RPA market is expected to grow rapidly in the coming years, driven by the increasing adoption of automation technologies by businesses looking to improve efficiency and reduce costs. According to a recent report by market research firm Gartner, the RPA market is expected to reach $2.9 billion by 2021, up from $850 million in 2018.
UiPath competes with other RPA providers such as Automation Anywhere, Blue Prism, and WorkFusion, as well as with larger technology companies such as Microsoft, IBM, and SAP, which are also investing heavily in automation and AI.
Despite the competition, UiPath has continued to grow rapidly, with revenue more than doubling year-over-year in 2020. The company has also made several strategic acquisitions in recent years, including the AI-powered document processing company Cloud Elements and the process mining software provider ProcessGold.
“We are committed to advancing the state of the art in automation and AI, and to helping our customers unlock the full potential of their businesses,” said Dines. “This funding will enable us to accelerate that mission and continue to build a world-class company.”
College Student
