The leading robotic
process automation (RPA) software company, UiPath, is blazing a path
to an “automation first” era, closing its Series D investment round
raising $568 million at a post-money valuation of $7 billion, led by
Coatue and joined by Dragoneer, Wellington, Sands Capital, and funds and
accounts advised by T. Rowe Price Associates, Inc. Accel, who led the
Series A and B rounds, and CapitalG and Sequoia who led the Series C
round, all participated in this round, as did other existing investors,
including IVP and Madrona Venture Group. At the $7 billion valuation,
UiPath is one of the fastest growing and highest-valued AI enterprise
software companies worldwide.
This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20190430005133/en/
UiPath Growth Over 24 Months (Graphic: Business Wire)
UiPath closed its Series A funding in April 2017, and since then has
expanded on its most important milestones:
-
Cultivated the world’s largest community in RPA, now exceeding 400,000
users worldwide across 200 countries; -
Expanded its worldwide customer base to eight of the top 10 Fortune
Global 500, and over 50 percent of the top 50 Fortune Global 500; -
Delivered six releases of the UiPath Enterprise RPA platform with
defense-grade security, launched UiPath Go!, integrated AI by adding
new capabilities like AI Computer Vision, and created an open and
extensible architecture that has made UiPath the platform of choice
for third-party RPA and AI development; -
Increased annual recurring revenue (ARR) from $8 million to over $200
million; and - Grew its employee base to over 2,500, a 16x increase during the period.
“We are at the tipping point. 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,” said Daniel Dines, UiPath co-founder and
CEO. “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. I am humbled by the amazing support our customers,
partners and investors give us every day, inspiring us to work harder to
evolve RPA as the platform that not only unlocks the true potential of
AI, but also other emerging technologies. We are just getting started.”
Recent customer additions include American Fidelity, BankUnited, CWT
(formerly known as Carlson Wagonlit Travel), Duracell, Google, Japan
Exchange Group (JPX), LogMeIn, McDonalds, NHS Shared Business Services,
Nippon Life Insurance Company, NTT Communications Corporation, Orange™,
Ricoh Company, Ltd., Rogers Communications, Shinsei Bank, Quest
Diagnostics, Uber, US Navy, Voya Financial, Virgin Media, and World Fuel
Services.
UiPath’s commitment to delivering the best RPA solution and creating a
powerful, open, and transparent team has garnered significant
recognition:
-
Listed to CB
Insights’ AI 100, a list showcasing the 100 most promising private
AI companies in the world; -
Named to the Forbes
2018 Cloud 100, snagging the 14th spot on the list; -
Ranked
the 26th fastest growing company in North America on the 2018 Deloitte
Fast 500; -
Named a leader in The
Forrester Wave™: Robotic Process Automation, Q2 2018; and -
Given more than 10 Comparably
Awards in categories including: Best Place to Work, Best Places to
Work in New York region, Best Outlook (large companies), Happiest
Employees, Best Engineering Teams 2019, Best Product Teams 2019, Best
Company for Women, Diversity, Perks & Benefits, and Compensation.
Supporting Quotes
“UiPath is improving business performance,
efficiency and operation in a way we’ve never seen before,” said
Philippe Laffont, founder of Coatue Management. “The Company’s rapid
growth over the last two years is a testament to the fact that UiPath is
transforming how companies manage their resources. RPA presents an
enormous opportunity for companies around the world who are embracing
artificial intelligence, driving a new era of productivity, efficiency
and workplace satisfaction.”
“UiPath is enabling the critical capabilities necessary to advance how
companies perform and how employees better spend their time,” said Greg
Dunham, vice president at T. Rowe Price Associates, Inc. “The industry
has achieved rapid growth in such a short time, with UiPath at the head
of it, largely due to the fact that RPA is becoming recognized as the
paradigm shift needed to drive digital transformation through virtually
every single industry in the world.”
About UiPath
UiPath
is leading the “automation first” era – championing one robot for every
person, delivering free and open training and collaboration and enabling
robots to learn new skills through AI and machine learning. Led by a
commitment to bring digital era skills to more than a million people,
the company’s enterprise Robotic Process Automation (RPA) platform has
already automated millions of repetitive, mind-numbing tasks for
business and government organizations all over the world, improving
productivity, customer experience and employee job satisfaction.
Recently named by Comparably as the 6th
happiest place to work and the 11th
best company culture among large businesses, UiPath is one of the
fastest growing and highest-valued AI enterprise software companies
worldwide.
All product and company names are trademarks™ or registered®
trademarks of their respective holders. Use of these names, trademarks
and brands does not imply endorsement.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190430005133/en/