Interestingly, this financing comes less than a month after the company had filed confidentially for an initial public offering with the U.S. Securities and Exchange Commission (SEC).
“Automation has become a strategic imperative that is fundamentally changing the way organizations operate. We are excited to co-lead this round of funding, as well as continue to team up with the UiPath team during an important phase for the company,” said Abhi Arun, Managing Partner at Alkeon Capital.
Founded in 2005, UiPath provides robotic process automation solutions to companies, helping them automate several repetitive business processes. Its automation platform provides customers with a set of capabilities to build, manage, run, engage, measure, and govern automation across departments within an organisation.
The firm has a significant presence in India, with more than 370 employees, including a 75-member engineering team in Bengaluru as of April last year. It has over 400 customers including Karnataka Bank, Bank of India, Max Healthcare, Quess, Tech Mahindra, and Wipro among others.
Globally, the company says it has automated millions of repetitive tasks for over 65% of the Fortune 500 companies and eight of the Fortune 10 companies. Among its clientele includes Google, HP, Airbus, GE, Nasa, Autodesk, and DHL.
UiPath competes with firms like SoftBank-backed Automation Anywhere, Blue Prism, and Microsoft Power Automate.