UiPath, a robotic process automation (RPA) company, has announced that it has raised $265 million in Series C funding at a $3 billion valuation. This round of funding was provided by IVP, Madrona Venture Group and Meritech Capital. These investors participated in an extension that was added to the first closing of the Series C round that was announced in September, which was led by CapitalG and Sequoia Capital.
This funding extension was also created for enabling employees to gain liquidity. And these employees were invited to participate at the same share price that investors had received in the round.
UiPath is driving an “Automation First” world by pushing for one robot for every person that delivers free and open training and collaboration and enabling robots to learn new skills through artificial intelligence and machine learning.
UiPath’s enterprise Robotic Process Automation (RPA) platform has automated millions of repetitive tasks for businesses and government organizations around the world. As a result productivity, customer experience, and employee job satisfaction has been improved for those businesses and government organizations.
“I am honored to have IVP, Madrona Venture Group and Meritech Capital as new investors in UiPath. Their leadership and guidance will no doubt help us continue to define and lead the Automation First era for customers everywhere. UiPath has had many funding options and I believe we have selected the investors that align best with our culture and beliefs. I am humbled as the syndicate of unquestionably top-tier venture capital firms who believe in UiPath and support our future,” said UiPath CEO and co-founder Daniel Dines in a statement. “Additionally, it is a core UiPath principle to share the success of the company in a meaningful way with our hard-working and long-time employees and we were excited to be able to extend the opportunity, at their personal choice, to realize partial liquidity in this round.”
IVP General Partner Eric Liaw led IVP’s investment in UiPath. And Meritech Capital General Partner Alex Kurland led that venture firm’s investment in UiPath. In conjunction with this round, Madrona Venture Group Managing Director S. Somasegar joined UiPath’s board and is going to actively support the expansion of UiPath’s Bellevue Product Development Center, which is going to deepen the company’s developer engagement and artificial intelligence expertise.