Mumbai, NFAPost: To further fuel its growth ambition, the Leading Robotic Process Automation (RPA) company UiPath, announced it has closed its Series E investment round, raising $225 million at a post-money valuation of $10.2 billion.
According to the company sources, the round was led by Alkeon Capital Management. Others who participated in the round include Accel, Coatue, Dragoneer, IVP, Madrona Venture Group, Sequoia Capital, Tencent, Tiger Global and Wellington.
The deal is made possible with the advisory service of T. Rowe Price Associates, Inc. At over $400 million in ARR, UiPath is one of the fastest growing enterprise software companies worldwide.
Exxpressing happiness over the new fund raising, UiPath Co-founder and CEO Daniel Dines said the current round of funding allows the company 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 UIPath Co-founder and CEO Daniel Dines.
Commenting on the new funding round, Alkeon General Partner Abhi Arun said automation, similar to cloud computing, has become a strategic imperative that is fundamentally changing the way organizations operate.
“UiPath’s leading-edge, the 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 Alkeon General Partner Abhi Arun.
In a recent report published by Forrester Research it is found that as enterprises emerge from the crisis, they will look to automation as a way to mitigate the risks that future crises pose to the supply and productivity of human workers.
“With automation now becoming a boardroom imperative with new urgency, UiPath will use this funding to deepen its investment in research and development. Having announced the availability of its end-to-end hyperautomation platform in May 2020, UiPath is focused on accelerating and democratizing automation adoption to help customers deliver a better customer experience so employees worldwide can use, and also experience optimal value from, software robots. Whether on-premise or in the cloud, UiPath customers are afforded flexible deployment options best suited for their organisation,” states the Forrester Research report.
