UiPath is one of the leaders in the rapidly growing robotic process automation (RPA) niche. On Monday, it announced that it had closed on $750 million in Series F funding, with a post-money valuation of $35 billion.
The round was led by existing backers Alkeon Capital and Coatue. Other returning investors included Altimeter Capital, Dragoneer IVP, Sequoia, Tiger Global and other funds/accounts advised by T. Rowe Price Associates.
Because of all this funding, the New York-based company raised a total of almost $2 billion since it started, according to a report by Crunchbase.
UiPath was founded back in 2005 but did not manage to raise institutional capital until ten years later in 2015, according to Crunchbase. CNBC released a report in December that the company had annual revenue of about $360 million and more than 6,300 customers including big names like Verizon, Bank of America and Amazon.
This company’s self-proclaimed mission is all about unlocking human creativity and ingenuity by enabling the Fully Automated Enterprise and empowering workers using automation.
The automation platform aims to transform the way humans work by giving the companies a way to build and run automation on all departments.
The company employs artificial intelligence and machine learning to ensure that automation of mind-numbing repetitive tasks is implemented everywhere. Not only will this increase productivity, but it will also lead to employee job satisfaction.
The workers will be given the reprieve and time needed to focus on complex jobs that machines cannot do.
Some of the company’s competitors include Blue Prism, Microsoft Power Automate, Automation and SAP, which entered the market recently.