UiPath Inc., announced it has closed a $750 million Series F funding round at a post-money valuation of $35 billion. The round was co-led by existing investors Alkeon Capital and Coatue. Other returning investors include Altimeter Capital, Dragoneer, IVP, Sequoia, Tiger Global, and funds and accounts advised by T. Rowe Price Associates, Inc.
UiPath is on a mission to unlock human creativity and ingenuity by enabling the Fully Automated Enterprise™ and empowering workers through automation. Its Automation Platform is designed to transform the way humans work, providing customers with a robust set of capabilities to discover automation opportunities and build, manage, run, engage, measure, and govern automations across departments within an organization.
Abhi Arun, Managing Partner at Alkeon Capital, commented: “Automation has become a strategic imperative that is fundamentally changing the way organizations operate. We are excited to co-lead this round of funding, as well as continue to team up with the UiPath team during an important phase for the company.”
UiPath was founded in 2005 but didn’t raise institutional capital until 2015, according to Crunchbase. CNBC reported in December that the company had annual revenue of about $360 million and over 6,300 customers including Amazon, Bank of America and Verizon.
The company uses artificial intelligence (AI) and machine learning in an effort to “automate millions of repetitive, mind-numbing tasks for business and government organizations all over the world, improving productivity, customer experience and employee job satisfaction.” Its goal is to give workers the mental energy and time to focus on more complex jobs. Competitors include Microsoft Power Automate, Blue Prism, Automation Anywhere.