UiPath, a New York City, NY-based robotic process automation (RPA) platform provider, as per recent reports last week, has just closed a Series D funding round, raising $568 million at a post-money valuation of $7 billion. The recent funding round was led by Coatue, a New York City, NY-based technology sector hedge fund, and was joined by Dragoneer, Wellington, Sands Capital, with funds and accounts advising by T. Rowe Price Associates, Inc. The round was also participated by UiPath’s previous investors which include Series A and B round leader Accel and CapitalG, along with Sequoia, who led the Series C round.
With its Series A closure in Apr. 2017, UiPath has become one of the world’s leading fast grower and highest valued AI enterprise software companies, with an increased annual recurring revenue growth from $8 million to over $200 million.
Daniel Dines, UiPath co-founder, and CEO, according to whom the company is just getting started, states, “We’re at the tipping point.” Adding further, he says, “Business leaders everywhere are augmenting their workforces with software robots, rapidly accelerating the digital transformation of their entire business and freeing employees to spend time on more impactful work.”
Continuing, Dines adds, “UiPath is leading this workforce revolution, driven by our core determination to democratize RPA and deliver on our vision of a robot helping every person.”