RPA-startup UiPath raised 225 million dollars (192 million euros) in a funding round led by Alkeon Capital. This valued the RPA specialist at 10.2 billion dollars (8.7 billion euros).
According to UiPath-CEO, Daniel Dines, the new funding will be used to scale UiPath’s platform and expand the company’s SaaS offering. In addition, the company will invest more in AI-driven innovation. The funds will most likely also be used for further strategic acquisitions to fill the gaps in the company’s portfolio.
In June, UiPath already talked to potential investors for new funding. Expectations were that the company could be worth as much as 10 billion dollars after a new investment cycle, and that turned out to be true. UiPath has now raised a total of 1.2 billion dollars (1 billion euros).
The funding round was led by Alkeon Capital, with further support from eleven other investors including Sequoia Capital and Wellington. The addition of an institutional investor like Wellington is often a sign that a company wants to go public. UiPath-CFO, Ashim Gupta, indicates that they are currently evaluating market conditions and have not yet chosen a date to go public. According to Gupta, UiPath could go public within twelve to eighteen months as soon as they feel they are adequately prepared.
UiPath is one of the largest companies in the Robotic Process Automation (RPA) market with more than 5000 customers worldwide. RPA software helps companies automate simple, repetitive tasks and create software robots that are programmed to analyze and replicate these workflows.