UiPath has officially raised $225 million in its series E funding round, and plans to use the money to further advance its hyperautomation platform as well as expand cloud offerings.
The company has a post-money valuation of $10.2 billion. The round was led by Alkeon Capital Management. Others participating include Accel, Coatue, Dragoneer, IVP, Madrona Venture Group, Sequoia Capital, Tencent, Tiger Global, Wellington, and funds and accounts advised by T. Rowe Price Associates, Inc.
At more than $400 million in ARR, UiPath is one of the fastest growing enterprise software companies worldwide.
With automation now becoming an imperative investment for businesses, following the COVID-19 crisis, UiPath states it will use this funding to deepen its investment in research and development.
With its end-to-end hyperautomation platform, released in May 2020, UiPath is focused on accelerating and democratising automation adoption to help customers deliver a better customer experience so employees worldwide can use and gain value from software robots.
UiPath customers have flexible deployment options, whether on-premise or in the cloud.
UiPath cofounder and CEO Daniel Dines 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.
Dines says, “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.
Alkeon general partner Abhi Arun says, “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.
Only UiPath offers an end-to-end platform for hyperautomation, combining the Robotic Process Automation (RPA) solution with a full suite of capabilities that enable every organisation to scale digital business operations.
The company states it has a vision to deliver a robot for every person, to enable every employee to use, create, and benefit from automation and free teams up to focus on bigger tasks.