UiPath, one of the leaders in the quickly growing robotic process automation (RPA) space, announced Monday that it has closed on $750 million in Series F funding at a staggering post-money valuation of $35 billion. Existing backers Alkeon Capital and Coatue co-led the round, which also included participation from other returning investors such as Altimeter Capital, Dragoneer, IVP, Sequoia, Tiger Global, and funds and accounts advised by T. Rowe Price Associates, Inc. The financing brings the New York-based company’s total raised to nearly $2 billion since inception, according to Crunchbase.
UiPath was founded in 2005 but didn’t raise institutional capital until 2015, according to Crunchbase. CNBC reported in December that the company had annual revenue of about $360 million and over 6,300 customers including Amazon, Bank of America and Verizon. UiPath’s self-proclaimed mission is “to unlock human creativity and ingenuity by enabling the Fully Automated Enterprise™ and empowering workers through automation.” Its Automation Platform aims to “transform the way humans work” by giving companies a way to build out and run automations across departments.
The company uses artificial intelligence (AI) and machine learning in an effort to “automate millions of repetitive, mind-numbing tasks for business and government organizations all over the world, improving productivity, customer experience and employee job satisfaction.” Its goal is to give workers the mental energy and time to focus on more complex jobs. Competitors include Microsoft Power Automate, Blue Prism, Automation Anywhere. SAP also recently entered the space.
The company has been growing like crazy. Back when I covered its $568 million Series D in April of 2019, UiPath had 400,000 users in 200 countries. At the time, the company said it had increased its annual recurring revenue (ARR) from $8 million in April 2017 to over $200 million. UiPath said then it had grown its headcount by 16 times over a two-year period, to more than 2,500 employees. It also hinted that it was considering an IPO.
True to its word, UiPath in December submitted a draft registration to the Securities and Exchange Commission for an initial public offering. So it’s especially interesting that it raised such a huge round now. For some, UiPath’s going public could be the Snowflake IPO of 2021. Alternative payments provider Affirm followed a similar path recently — raising $500 million before filing for an IPO weeks later.