30 April 2019, India:
Robotic Process Automation (RPA) firm, UiPath has raised $568 million in Series D round of funding at a post-money valuation of $7 billion.
The funding round was led by by Coatue. Dragoneer, Wellington, Sands Capital, and funds and accounts advised by T. Rowe Price Associates, Inc. Accel, who led the Series A and B rounds, and CapitalG and Sequoia who led the Series C round, all participated in this round, as did other existing investors, including IVP and Madrona Venture Group.
Daniel Dines, Co-founder and CEO, UiPath, said, “We are at the tipping point. Business leaders everywhere are augmenting their workforces with software robots, rapidly accelerating the digital transformation of their entire business and freeing employees to spend time on more impactful work.”
Daniel Dines, added, “UiPath is leading this workforce revolution, driven by our core determination to democratize RPA and deliver on our vision of a robot helping every person. I am humbled by the amazing support our customers, partners and investors give us every day, inspiring us to work harder to evolve RPA as the platform that not only unlocks the true potential of AI, but also other emerging technologies. We are just getting started.”
Raghu Subramanian, President and CEO, UiPath India says, “The opportunities for UiPath in a diverse country like India are massive, ranging from sectors like IT to BFSI and healthcare to government. More than that, India is in a prime position to become an RPA powerhouse, because of the rapid adoption of RPA and AI and the growing talent pool.”
Raghu Subramanian, added, “We are committed to investing in India to realize our global vision of ‘A Robot for Every Person’ and create a talent base of over 500,000 automation-trained professionals.”
Philippe Laffont, founder of Coatue Management, said, “UiPath is improving business performance, efficiency and operation in a way we’ve never seen before. The Company’s rapid growth over the last two years is a testament to the fact that UiPath is transforming how companies manage their resources”
Philippe Laffont, added, “RPA presents an enormous opportunity for companies around the world who are embracing artificial intelligence, driving a new era of productivity, efficiency and workplace satisfaction.”
Greg Dunham, vice president at T. Rowe Price Associates, Inc, said, “UiPath is enabling the critical capabilities necessary to advance how companies perform and how employees better spend their time.”
Greg Dunham, added, “The industry has achieved rapid growth in such a short time, with UiPath at the head of it, largely due to the fact that RPA is becoming recognized as the paradigm shift needed to drive digital transformation through virtually every single industry in the world.”
(Image – UiPath)