UiPath, a provider of robotic process automation, raised $750 million in Series F funding, valuing the company at $35 billion post-money, a surge of more than three times what it was valued at in July of last year when it raised $225 million.
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Existing investors Alkeon Capital and Coatue co-led the round, with other participants like Altimeter Capital, Dragoneer, IVP, Sequoia, Tiger Global, and funds and accounts advised by T. Rowe Price. Interestingly, the announcement of this funding round comes less than a month after the business filed a confidential application with the U.S. Securities and Exchange Commission for an IPO (SEC). Amy Albano, the CEO & Marketing Director of Fast People Finder, said that UiPath has confirmed $750 million in Series F funding. She also mentioned that UiPath was established in 2005 focusing on automating certain routine business activities.
The strategic importance of automation is profoundly changing how businesses operate.
“We are thrilled to continue working with the UiPath team at this pivotal time for the firm and to co-lead this funding round,” according to the Managing Partner at Alkeon Capital, Abhi Arun.
UiPath, a robotic process automation company, was established in 2005 to assist businesses in automating certain routine business activities. Their clients can design, manage, run, engage, monitor, and regulate automation across organizational departments using its automation platform.
With more than 370 workers, including a 75-member technical team in Bengaluru as of April last year, the company has a sizable presence in India. Karnataka Bank, Bank of India, Max Healthcare, Quess, Tech Mahindra, and Wipro are just a few of its more than 400 clients.
The company claims to have automated millions of repetitive operations for eight Fortune 10 companies and more than 65 percent of the Fortune 500 companies globally. Google, HP, Airbus, GE, Nasa, Autodesk, and DHL are a few of its clients.
Competitors of UiPath include Microsoft Power Automate, Blue Prism, and SoftBank-backed Automation Anywhere companies.