The latest investment round comes on the heels of UiPath being named to both the CNBC Disruptor 50, an annual list of forward-thinking and ambitious private companies whose innovations are changing the world, and the Forbes AI 50
FREMONT, CA: Leading Robotic Process Automation (RPA) company, UiPath, secured USD 225 million in a Series E funding round, at a post-money valuation of USD 10.2 billion. The investment round was led by Alkeon, with participation from Accel, Coatue, Dragoneer, IVP, Madrona Venture Group, Sequoia Capital, Tencent, Tiger Global, Wellington. T. Rowe Price Associates, Inc advised funds and accounts. With over USD 400 million in ARR, UiPath is one of the fastest-growing enterprise software companies in the world. The latest investment round comes on the heels of UiPath being named to both the CNBC Disruptor 50, an annual list of forward-thinking and ambitious private companies whose innovations are changing the world, and the Forbes AI 50, a list of private, U.S.-based companies that are using AI in meaningful business-oriented ways.
"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."
As Automation becomes a boardroom imperative with new urgency, UiPath will use this funding to deepen its investment in research and development. The company, which announced the availability of its end-to-end hyper-automation platform in May 2020, 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. Be it on-premise or in the cloud, UiPath customers are afforded flexible deployment options best suited for their organization. The exceptional customer growth experienced by UiPath is a testament to its innovative market vision, superior technology, and best-in-class service.
"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."