UiPath Raises $225 Million in Series C funding
UiPath expects 4x increase in Annual Recurring Revenue by the end of 2018
UiPath, a platform provider for enterprise Robotic Process Automation (RPA), has closed its series C funding raising $225 million at a valuation of $3 billion. The round was 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.
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 M&A opportunities.
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 plans to increase its headcount in India from 250 to 1,200 by end of 2019 in Bangalore, Mumbai, and Gurgaon. It will also expand its presence in Chennai, Pune, Hyderabad and Kolkata.
“Democratizing RPA remains a top priority with 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,” the company said in a statement.
UiPath had announced in early July that it had increased its annual recurring revenue from $1M to $100M . According to the company, no other enterprise subscription software business has accomplished in such a short time. UiPath now has around 1,800 customers globally and claims to be adding six new enterprise customers every 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.
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.
“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,” said Laela Sturdy, Partner, CapitalG.
“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,” said Carl Eschenbach, Partner, Sequoia.
“We believe that we are at the very early stage for companies to broadly benefit from automation and AI,” said Rich Wong, Partner, Accel.
“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.”
