UiPath raises $225 million Series E funding round
UiPath, the leading Robotic Process Automation (RPA) company, has closed its Series E investment round, raising $225 million at a post-money valuation of $10.2 billion. The round was led by Alkeon Capital Management with participation from Accel, Coatue, Dragoneer, IVP, Madrona Venture Group, Sequoia Capital, Tencent, Tiger Global, Wellington. UiPath has raised a total of $1.2B in funding over 7 rounds, Crunchbase reports.
Founded in 2005 by the Romanian entrepreneurs, Daniel Dines and Marius Tîrcă, UiPath designs and develops robotic process automation and artificial intelligence software. The company was headquartered in Bucharest before setting up in New York City and expanding to London, Bangalore, Paris, Singapore, and Tokyo. UiPath offers an end-to-end platform for hyper-automation, combining the leading RPA solution with a full suite of capabilities that enable every organization to scale digital business operations at unprecedented speed.
UiPath will use this funding to expand its investment in research and development. Having announced the availability of its end-to-end hyper-automation platform in May 2020, UiPath is focused on accelerating and democratizing automation adoption to help customers deliver a better customer experience so employees worldwide can use it.
Daniel Dines, UiPath Co-founder and CEO, says:
“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 for 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.”