New York City based robotic process automation startup UiPath has raised $568 million in Series-D funding, making it into a $7 billion company. The funding round was led by Coatue with Dragoneer, Wellington and Sands Capital joining the effort. The global software company develops a platform for robotic process automation and with more businesses adopting automation to reduce cost of operations it sees its products to have a huge appeal in the years to come. The startup is primarily India-focused and sees large opportunities in the country with Indian companies adopting automation in a big way. Daniel Dines, CEO of the company, said he sees business leaders everywhere are augmenting their workforces with software robots, rapidly accelerating the digital transformation of their entire business and freeing employees to spend time on more impactful work. UiPath has plans to increase its workforce in India. Currently, it employs about 2500 people globally.
In the earlier funding rounds, Accel led the Series A and Series B rounds while CapitalG and Sequoia led the Series C round. All these entities participated in this round, as did other existing investors, including IVP and Madrona Venture Group. At the $7 billion valuation, UiPath is one of the fastest growing and highest-valued AI enterprise software companies worldwide.
The company had closed its Series A funding in April 2017, and since then has more than 400,000 users for its products worldwide across 200 countries, expanded its worldwide customer base to 8 of the top 10 Fortune 500 Global, and over 50% of the top 50 Fortune 500 Global and delivered six releases of the UiPath Enterprise RPA platform with defense grade security, launched UiPath Go!, integrated AI by adding new capabilities like AI Computer Vision, and created an open and extensible architecture that has made UiPath the platform of choice for third-party RPA and AI development.
