The company UiPath, which is active in the automation of processes via robotics, has raised a lot of money during a new investment round. Initially, the round ended with 225 million dollars, with a substantial investment by Alphabets CapitalG, but thanks to an expansion of the round, the total is 265 million dollars.
The additional investment round was led by strategic investments from the companies IVP, Madrona Venture Group and Meritech Capital. According to UiPath, this brings his total valuation to 3 billion dollars. This is not surprising: the company is known as one of the leading companies in the field of robotic process automation, or RPA.
Robotic process automation
RPA is a discipline within artificial intelligence that uses software robots to monitor workflows within business applications. Based on analyses of these workflows, the robots can suggest points where repetitive tasks can be done automatically. UiPath builds software robots that monitor users’ individual keystrokes.
The robots do this, for example, in the field of business planning and customer relationship management. For example, the robots can detect patterns and then recommend ways to automate them. Reducing a few keystrokes may seem trivial at first glance, but the savings can be huge, as they often involve hundreds or even thousands of users. In addition, automation reduces the time it takes to process things, and reduces the risk of errors.
UiPath has built a broad ecosystem around RPA and offers free training programs, a community and a free online forum for developers. Last month it also added a new marketplace for its AI tools and services. As a result, the supply is growing steadily.
UiPath’s customers include Deutsche Lufthansa AG, Thomson Reuters Corp., General Electric Co., NASA and Equifax Inc.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.