Enterprise tech startup UiPath has raised $225 Mn (nearly INR 1692 Cr) in Series E funding round led by Alkeon Capital Management at a $10.2 Bn valuation.
Accel, Coatue, Dragoneer, IVP, Madrona Venture Group, Sequoia Capital, Tencent, Tiger Global, Wellington also participated in UiPath’s funding round, along with the funds and accounts managed by T. Rowe Price Associates.
The robotic process automation (RPA) platform plans to use this funding to accelerate its platform’s growth to meet the increasing demands of its customers, technologically advance its market-leading platform, research and development, and invest in AI-powered innovation and expanded cloud offerings.
UiPath cofounder and CEO Daniel Dines said, “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.”
UiPath competes with RPA providers such as London-listed BluePrism and Automation Anywhere which is backed by Softbank. The company believes that the pandemic has heightened the “critical” need for automation to address challenges and create value in a span of days and weeks, not months or years. The company aims to help its customers evolve, transform and succeed fast during such times.
Prior to this, the company had raised $225 Mn in Series C co-led by existing investor CapitalG and new investor Sequoia Capital in participation with existing investor Accel Partners. Back then, the company was valued at $3 Bn, noting a three-fold increase from $1 Bn valuation of Series B.
Founded in 2005 by Dines and Marius Tirca, the company is working towards a future where employees at every organisation are empowered to automate tedious and time-consuming work, enabling them to focus on creative, challenging problems.
Dines had previously explained “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.” The company said it has automated millions of repetitive tasks for over 65% of the Fortune 500 companies.
UiPath has an employee base of over 2,900 employees across 25+ offices. In India, it has set up offices in Bengaluru, Mumbai, Chennai, Delhi, Mumbai and Hyderabad.
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Author: Kritti Bhalla
Source : https://inc42.com/buzz/rpa-platform-uipath-bags-225-mn-in-series-e-from-alkeon-capital/
Date : 2020-07-14T03:18:24.000Z