Tuesday 18th September, 2018
UiPath a leading Enterprise Robotic Process Automation (RPA) software company has closed its series C funding raising $225 million at a valuation of $3 billion. The round was led by existing investor CapitalG, new investor Sequoia Capital and Accel.
The company announced in early July that it had increased its annual recurring revenue from $1M to $100M. UiPath counts more than 1,800 global customers and is adding six new enterprise customers per day; the company expects annual recurring revenue at the end of 2018 to increase by more than four times compared to the end of 2017.
We are enabling a future where employees at every organisation are empowered to automate tedious and time-consuming work, enabling them to focus on creative, challenging problems,” said Daniel Dines, co-founder and CEO of UiPath. “We are delighted by the strong support of our customers, partners and investors towards making this future of automation a reality. UiPath is driven by the incredible potential for our platform to be the gateway to transform our customers’ digital business operations with machine learning and AI.”
UiPath was named a leader in The Forrester Wave™: Robotic Process Automation, Q2 2018, achieving the highest score in the “Current Offering” category and the highest possible score in “Market Presence.”
The company plans to use the additional funding to support its accelerated product development ambitions, deepen its ecosystem of partnerships to deliver complementary AI-enabled solutions, broaden the role of RPA in enterprise process automation initiatives, and invest in M&A opportunities.
UiPath expects to end 2018 with more than 1,700 employees, a three-fold increase in 12 months, with operations in 30 offices across 16 countries.