Robotic Process Automation (RPA) company UiPath today raised $225 million at a post-money valuation of $10.2 billion. The funding was led by Alkeon Capital Management and participated by Accel, Coatue, IVP, Sequoia Capital, Tencent, Tiger Global, and Wellington.
Due to the lockdown, services of companies have taken a hit as they are having to manage with a fewer workforce. This has led to the rise in adoption of automation for quickly processing numerous business tasks to enhance productivity and maintain business continuity. UiPath is one of the leading companies that provide automation is well-positioned to further democratise automation to help clients deliver superior customer experience.
This funding allows us to accelerate our platform ambitions to meet mounting customer demands and scale the tremendous opportunity to bring automation to one billion citizen developers — resulting in every business finally becoming a software business. We will advance our market-leading platform and will continue to deepen our investments in AI-powered innovation and expanded cloud offerings. COVID-19 has heightened the critical need of automation to address challenges and create value in days and weeks, not months and years. We are committed to working harder to help our customers evolve, transform, and succeed fast in the new normal,” said Daniel Dines, UiPath Co-founder and CEO.
The ability of the UiPath is evident with the recent recognition in the CNBC Disruptor 50, Forbes AI 50, FT Americas’ Fastest Growing Companies 2020, and Deloitte’s 2019 Technology Fast 500 list.
Automation, similar to cloud computing, has become a strategic imperative that is fundamentally changing the way organisations operate. UiPath’s leading-edge, mission-critical product combines scalable software with an intuitive user interface enabling companies globally to accelerate their digital transformation efforts. UiPath is one of the fastest-growing enterprise software companies in technology history, and we’re excited to partner with them for years to come, as they deliver the most advanced and disruptive automation platforms of the modern enterprise,” said Abhi Arun, General Partner at Alkeon.