Amazon, Verizon, and BofA Among Biggest Customers
The business said the latest funding round was led by existing investors Alkeon Capital and Coatue, while other participants included other returning investors Altimeter Capital, Dragoneer, IVP, Sequoia, Tiger Global, as well as funds and accounts managed by T. Rowe Price Associates, Inc.
“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.
The artificial intelligence (AI) startup has raised a total of almost $2 billion following the latest round. The company was founded in 2005, and at the end of 2020, it had an annual revenue of about $360 million. The AI business is now serving more than 6,300 customers, including major names like Amazon, Verizon, and Bank of America.
UiPath says it seeks “to unlock human creativity and ingenuity by enabling the Fully Automated Enterprise and empowering workers through automation.”
The company’s automation platform aims to change the way humans work by enabling companies to build and run automation.
The startup’s platform utilizes artificial intelligence, or AI, and machine learning 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.”
The objective for the company is to help workers save energy and time to focus on more complex tasks by deploying its AI platform. UiPath’s main competitors are Microsoft Power Automate, Blue Prism, Automation Anywhere, and SAP, which recently entered the AI automation industry.
The growth pace of the AI business has been outstanding. At the time of its Series D funding round in 2019, the company had around 400,000 users across 200 countries. During that period, the startup announced its annual recurring revenue (ARR) rose from $8 million in April 2017 to over $200 million.
In December, the company filed a draft registration to the Securities and Exchange Commission (SEC) for an IPO (initial public offering).
UiPath announced it raised $750 million in Series F funding for its AI platform, taking its business valuation to an astonishing $35 billion. The funding round was headed by Alkeon Capital and Coatue.
About the Author
Avi Ben Ezra is the Chief Technology Officer (CTO) and Cofounder of SnatchBot and SnatchApp (Snatch Group Limited). He leads the Group’s long-term technology vision and is responsible for running all facets of the tech business which includes being the architect of the platforms and UI interfaces.