UiPath Growth / Photo Credit: UiPath via Business Wire
UiPath is a leading robotic process automation software company that is growing at lightning speed. In under 2 years, UiPath grew from $8 million in annual recurring revenue (ARR) to more than $200 million. And the company’s valuation went from $110 million to $7 billion during that same period.
Recently, UiPath announced it raised $568 million in Series D funding led by Coatue. Dragoneer, Wellington Management, Sands Capital, and funds and accounts advised by T. Rowe Price Associates also joined this round.
“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 UiPath co-founder and CEO Daniel Dines. “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.”
Accel — who led the Series A and B rounds — participated in this round also. And so did Series C lead investors CapitalG (formerly Google Capital) and Sequoia Capital. Other existing investors including IVP and Madrona Venture Group provided backing as well. With the $7 billion valuation, UiPath is now one of the fastest growing and highest valued AI enterprise software companies in the world.
“UiPath is improving business performance, efficiency and operation in a way we’ve never seen before,” added Coatue Management founder Philippe Laffont. “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.”
Ever since UiPath raised its Series A round in April 2017, the company has cultivated the largest community in RPA now exceeding more than 400,000 users worldwide across 200 countries. And UiPath expanded its worldwide customer base to eight out of the top 10 Fortune Global 500 and more than 50% of the top 50 Fortune Global 500. The employee base at the company also grew to more than 2,500 people, a 16x increase during the period.
Plus UiPath delivered six releases of the UiPath Enterprise RPA platform with defense-grade security. And the company launched UiPath Go! — which integrated AI by adding new capabilities such as AI Computer Vision.
“UiPath is enabling the critical capabilities necessary to advance how companies perform and how employees better spend their time,” explained T. Rowe Price Associates VP Greg Dunham. “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.”
Some of the recent customer additions include American Fidelity, BankUnited, CWT, Duracell, Google, Japan Exchange Group, LogMeIn, McDonalds, NHS Shared Business Services, Nippon Life Insurance Company, NTT Communications, Orange, Ricoh Company, Rogers, Shinsei Bank, Quest Diagnostics, Uber, US Navy, Voya Financial, Virgin Media, and World Fuel Services.
UiPath also received significant recognition including the CB Insights’ AI 100, Forbes 2018 Cloud 100 (ranked 14), 26th fastest growing company in North America on the 2018 Deloitte Fast 500, and named as a leader in The Forrester Wave: Robotic Robotic Process Automation, Q2 2018. Plus UiPath received more than 10 Comparably Awards in categories like Happiness Employees, Best Place to Work, and Best Company for Women, Diversity, Perks & Benefits, and Compensation.
