Tech

UiPath raises $750 million in funding, valuation soars to $35 billion

Robotic process automation firm UiPath has closed a $750 million Series F funding round at a post-money valuation of $35 billion, registering more than three-fold jump from a valuation of $10.2 billion in July last year when it raised $225 million in financing.

The round was co-led by existing investors Alkeon Capital and Coatue with participation from Altimeter Capital, Dragoneer, IVP, Sequoia, Tiger Global, and funds and accounts advised by T. Rowe Price.

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.

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