UiPath, one of the market leaders in the field of robotic process automation (RPA), has become the world’s most valuable artificial intelligence (AI) startup, says SilliconAngle. The startup has raised an investment of $568 million from a financing round, bringing the value to $7 billion.
After the investment round, the company became more valuable than Chinese company SenseTime, which is valued at 4.5 billion dollars. The Series D round was led by Coatue. Dragoneer, Wellington, Sands Capital and funds and accounts advised by T. Rowe Price Associates also participated.
UiPath can attract so much money, because it is a market leader in RPA. RPA is a component of artificial intelligence that uses software robots to observe workflows in common business applications, and then find ways to automate repetitive tasks.
The startup specifically creates software robots that monitor users’ individual keystrokes as they interact with applications, such as ERP and CRM client actions. In doing so, robots identify repetitive patterns and suggest ways to automate them. The savings can be enormous if that automation is applied to hundreds or thousands of users over long periods of time. It also prevents errors.
In addition, the company offers an extensive ecosystem around RPA, offering free training programs, a free community version and free online forums for developers. Last year, the company expanded its ecosystem with a new marketplace for its AI tools and services.
“We’re at a turning point,” says co-founder and CEO Daniel Dines. “Business leaders are adapting their workforces with software robots, accelerating the digital transformation of their entire company and freeing up time for employees to spend on more important work.
UiPath has several major customers, including several U.S. government agencies. The software is also popular with companies in the financial sector because it can be used to combat fraud. Clients in this sector include Shinsei Bank, Japan Exchange Group and American Fidelity Assurance.This news article was automatically translated from Dutch to give Techzine.eu a head start. All news articles after September 1, 2019 are written in native English and NOT translated. All our background stories are written in native English as well. For more information read our launch article.