UiPath, the leading Enterprise Robotic Process Automation (RPA) software company, has closed its series C funding raising $225 million at a valuation of $3 billion. The round was co-led by existing investor CapitalG and new investor Sequoia Capital. Accel, which led both UiPath Series A and B rounds also participated in this round.
UiPath is likely to be the fastest growing enterprise software company in history. The company announced in early July that it had increased its annual recurring revenue from $1M to $100M – a feat which it believes no other enterprise subscription software business has accomplished in such a short time. UiPath counts more than 1,800 global customers and is adding six new enterprise customers per day; the company expects annual recurring revenue at the end of 2018 to increase by more than four times compared to the end of 2017.
“We are enabling a future where employees at every organization are empowered to automate tedious and time-consuming work, enabling them to focus on creative, challenging problems,” said Daniel Dines, co-founder and CEO of UiPath. “We are delighted by the strong support of our customers, partners and investors towards making this future of automation a reality. UiPath is driven by the incredible potential for our platform to be the gateway to transform our customers’ digital business operations with machine learning and AI.”
“This is a milestone development that is going to change the market dynamics and play an important role in our expansion plans in India,” said Raghunath Subramanian, President and CEO, India, UiPath. “The company plans to use the additional funding to support its accelerated product development ambitions, deepen its ecosystem of partnerships to deliver complementary AI-enabled solutions, broaden the role of RPA in enterprise process automation initiatives, and invest in targeted M&A opportunities.”
The funding will also see a major expansion of the company’s operations in India. UiPath plans to strengthen its Indian operations and product development capabilities by increasing the workforce from 250 to 1200 by end of 2019, expand presence to 8 cities including, Chennai, Pune, Hyderabad and Kolkata, while ramping up workforce across all functions in Bengaluru, Mumbai, and Gurgaon.
“We aim to expand our domestic sales, pre-sales, support and channel development organizations in the Indian market to ensure a seamless experience for our customers and partners. While adoption of RPA is ripe in global shared services (global in-house centers) and IT services/ BPO sectors both of which have significant presence in India, Indian enterprises are actively looking at RPA to accelerate digital transformation. We are aggressively expanding to focus on these opportunities,” said Rajeev Mittal, Managing Director, India Sales, UiPath.
Further investments would also be made to scale up engineering and product development operations out of India. Said Prakash Thekkatte, Head of Engineering- India, UiPath, “Our engineering team in India would be working on bringing in cutting-edge innovations in machine learning, cognitive automation, and AI to the next-generation UiPath platform and products. We are looking at ramping up our engineering skill base by at least five fold over the next few months.”
UiPath is the most widely adopted Enterprise RPA platform, enabling the rapid design and deployment of software robots or “digital workers.” The company was named a leader in The Forrester Wave™: Robotic Process Automation, Q2 2018, achieving the highest score in the “Current Offering” category and the highest possible score in “Market Presence.”
Democratizing RPA remains a top priority with on-line, corporate and free academy training programs, the Community Edition to enable free RPA access, and Community Forum to connect developers, customers and partners alike to accelerate the adoption of digital-era skills. Globally, UiPath expects to end 2018 with more than 1,700 employees, a three-fold increase in 12 months, with operations in 30 offices across 16 countries.
The company has raised over $400 million from tier one investors including Accel, CapitalG, Earlybird’s Digital East Fund, Kleiner Perkins Caufield Byers, Credo Ventures, Seedcamp and now Sequoia. UiPath raised its Series A in April 2017 with 200 customers at a valuation of $140 million. It raised another $153 million in March 2018 at a valuation of $1.1 billion.
Laela Sturdy, Partner, CapitalG said, “CapitalG is thrilled to deepen its commitment to UiPath. We strongly believe that RPA is a primary route for organizations to benefit from AI, and UiPath is proving this potential with its unparalleled growth and incredible customer impact. We look forward to our continued partnership with UiPath to bring this transformative technology to businesses across the globe.”
Meanwhile Carl Eschenbach, Partner, Sequoia , “ Every company is looking to drive a digital transformation of their back-end systems, and UiPath is solving that pain point through AI-powered automation. Daniel and his team have built a technology platform that will drive efficiencies and deliver tangible ROI for businesses. We are thrilled to partner with UiPath to help accelerate their already impressive growth.”
Adds Rich Wong, Partner, Accel, ‘’ I am continually amazed by the dynamics of the RPA and AI market. UiPath is demonstrating that they have a platform that delivers incredible customer value fast. We believe that we are at the very early stage for companies to broadly benefit from automation and AI. Accel is honored to deepen its support for UiPath as the leader in the era of true digital transformation.”
Built for both business and IT, UiPath is the leading platform for enterprise Robotic Process Automation (RPA). More than 1,800 business customers and government agencies use UiPath’s Enterprise RPA platform to rapidly deploy software robots that perfectly emulate and execute repetitive processes, boosting business productivity, ensuring compliance and enhancing customer experience across back-office and front-office operations.
With a thriving RPA developer community of more than 250,000 worldwide, UiPath is on a mission to democratize RPA and support a digital business revolution. Based in New York City, UiPath’s presence today extends to 14 countries throughout North America, Europe and Asia. The company is backed by over $400M in funding from Accel, CapitalG, KPCB, Credo Ventures, Earlybird’s Digital East Fund, Sequoia Capital and Seedcamp.