RPA and AI startup UiPath secured $225 Million in Funding

UiPath, a Robotics Process Automation and AI company, has now secured $225 million at a valuation of $10.2 billion.

UiPath is founded by Marius Tirca and Daniel Dines in the year 2005. The company offers software to help organizations automate repetitive business processes. The company has also rolled out a new version of its hyper-automation platform in May 2020 that claims to operate at annual recurring revenue of $400 million.

Daniel Dines, UiPath Co-Founder, and CEO, said, "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. 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."

Abhi Arun, General Partner at Alkeon, said, "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. 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."

The growth funding round, dubbed as Series E, was backed New York-based hedge fund Alkeon Capital Management.

Some of the private equity firms which include the Dragoneer Investment Group, IVP, Accel, Coatue Management, Tiger Global, Sequoia Capital, Madrona Venture Group, Tencent, Wellington, and Tiger Global also participated in the funding round.

The newly raised funds will be leveraged to advance UiPath's hyper-automation platform and further expands its cloud offerings, notes the announcement.

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