Since April 2017, UiPath’s annual recurring revenue (ARR) has increased from US$ 8 million to more than US$ 200 million
UiPath, a leading robotic process automation (RPA) company, announced that it has raised US$ 568 million in its Series D investment round, at a post-money valuation of US$ 7 Billion, led by global investment manager Coatue.
In addition, other investors who participated in the funding include Dragoneer, Sands Capital, Wellington and funds and accounts advised by T. Rowe Price Associates, Inc, along with existing investors such as Accel, CapitalG, Sequoia, IVP and Madrona Venture Group.
UiPath, at the US$ 7 billion valuation, is one of the fastest growing and highest-valued artificial intelligence (AI) enterprise software companies in the world, the company said in a statement.
Huge opportunities in India
Outlining the massive potential for RPA and prospect of making India the base for automation talent worldwide, Raghu Subramanian, President and CEO, UiPath India, said, “The opportunities for UiPath in a diverse country like India are massive, ranging from sectors like IT to BFSI and healthcare to government. More than that, India is in a prime position to become an RPA powerhouse, because of the rapid adoption of RPA and AI and the growing talent pool. We are committed to investing in India to realise our global vision of ‘A Robot for Every Person’ and create a talent base of over 500,000 automation-trained professionals.”
Daniel Dines, co-founder and CEO, UiPath, said, “We are at the tipping point. 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.”
Unlocking AI potential
“UiPath is leading this workforce revolution, driven by our core determination to democratise RPA and deliver on our vision of a robot helping every person. I am humbled by the amazing support our customers, partners and investors give us every day, inspiring us to work harder to evolve RPA as the platform that not only unlocks the true potential of AI, but also other emerging technologies. We are just getting started,” Dines said.
In April 2017, UiPath closed its Series A funding. Since then, the company’s annual recurring revenue (ARR) has increased from US$ 8 million to more than US$ 200 million. Currently, it has more than 400,000 users worldwide across 200 countries, for its RPA platform.