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UiPath Raises $225 Million Funding from CapitalG & Sequoia

By SiliconIndia   |   Friday, September 21, 2018
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UiPath, a leading Enterprise Robotic Process Automation (RPA) software company raised $225 million at a valuation of $3 billion by existing investor CapitalG, and new investor Sequoia Capital. The funding will be used for the major expansion of the company’s operations to eight Indian cities including, Chennai, Pune, Hyderabad and Kolkata, while upsurging the workforce across all functions in Bengaluru, Mumbai, and Gurgaon from 250 to 1200 by the end of 2019.

Daniel Dines, Co-Founder & CEO, UiPath, says, “We are enabling a future where employees at every organization are empowered to automate tedious and time-consuming work, enabling them to focus on creative, challenging problems. We are delighted by the strong support of our customers, partners and investors towards making this future of automation a reality. UiPath is driven by the incredible potential for our platform to be the gateway to transform our customers’ digital business operations with machine learning and AI.”

UiPath is one of the fastest growing enterprise software companies in history as it increased its annual recurring revenue from $1 million to $100 million, making it a unique player to achieve this standpoint in such short time. UiPath has raised over $400 million from tier one investors namely Accel, CapitalG, Earlybird’s Digital East Fund, Kleiner Perkins Caufield Byers, Credo Ventures, Seedcamp and now Sequoia. It is well known for enabling the rapid design and deployment of software robots or ‘digital workers’.

Carl Eschenbach, Partner, Sequoia, says, “Every company is looking to drive a digital transformation of their back-end systems, and UiPath is solving that pain point through AI-powered automation. Daniel and his team have built a technology platform that will drive efficiencies and deliver tangible ROI for businesses. We are thrilled to partner with UiPath to help accelerate their already impressive growth.”

Founded in 2005, UiPath designs and develops robotic process automation software and it also offers foolproof development tool, automation of intricate processes, enhanced control, cloud and on-premise deployment, robust governance, and multiple robots on a single virtual machine. It caters to finance and banking, insurance, healthcare, telecom, manufacturing, BPOs, and shared service organizations.

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