UiPath, a New York-based Enterprise Robotic Process Automation (RPA) software company, has raised $225 million in Series C funding at a valuation of $3 billion. This round of funding was co-led by new investor Sequoia Capital and existing investor Capital G. Accel, the lead investor of UiPath’s Series A and B rounds, also joined this round.
UiPath plans to use the funding to accelerate its product development, deepen its partnership ecosystems, broaden the role of RPA in enterprise process automation, and look into M&A opportunities. By the end of 2018, UiPath is expecting to have more than 1,700 employees, which is a three-fold increase in the last year.
“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 UiPath’s co-founder and CEO Daniel Dines in a statement. “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.”
Automation Anywhere, one of UiPath’s biggest rivals, raised $250 million in Series A funding earlier this year. This round of funding gave Automation Anywhere a valuation of more than $1 billion. Automation Anywhere’s post-money valuation after the Series A round is $1.8 billion. New Enterprise Associates and Goldman Sachs Growth Equity led that round. Some of UiPath’s other rivals include Blue Prism and Kryon.
These companies have developed artificial intelligence software to handle some of the mundane tasks necessary for building robots. Interestingly, this market is expected to hit $5 billion by 2024, according to a Global Market Insights report via Xconomy.
In early July, UiPath announced that it increase its annual recurring revenue from $1 million to $100 million. And the company now has more than 1,800 global customers. Plus they are adding six new enterprise customers per day. And UiPath is expecting its annual recurring revenue at the end of 2018 to increase by over four times compared to the end of 2017.
“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,” added Sequoia partner Carl Eschenbach. “Daniel and his team have built a technology platform that will drive efficiencies and deliver tangible ROI for businesses. We are thrilled to partner with UiPath to help accelerate their already impressive growth.”
