UiPath is a New York-based software company, an automation technology start-up that leverages Artificial intelligence to process its robotic automation services. The start-up recently made its debut on the New York Stock Exchange and as its shares jumped 17%, the company gets valued at USD 34 billion.
As reported by Firstpost, the company’s stock opened at USD 65.50 which records a whopping 25% increase from an Initial Public Offer price of USD 56 per share.
Founded back in 2005 by Daniel Dines, Andra Ciorici and Marius Tirca, UiPath is known for designing and developing robotically processed automation software by leveraging Artificial Intelligence. The company offers complete automation tools including cloud deployment, on-premise deployments, enhanced control, automation of intricate business processes etc. The platform offers robust governance and multiple robots working on a single virtual machine for higher efficiency and productivity, according to the company profile on Crunchbase.
UiPath recently raised USD 750 million in its latest Series F financing round that concluded on February 1st, 2021. The funding round was led by New York-based Alkeon Capital Management and Coatue. Other than this, existing investors including Sequoia Capital, IVP, Tiger Global Management, T. Rowe Price, Accel and Dragoneer are also known to have participated in the latest funding round.
According to the report by Firstpost, the start-up planned to raised USD 1.34 billion by offering 23.9 million shares priced at USD 56 per piece. As the Initial Public Offering concluded by the end of the day, the company received proceeds worth USD 527 million.
Start-ups and businesses are actually underscoring the appetite of high-growth global investors who are eager to invest in the market considering the impact of COVID-19 and the growth potential on course.
UiPath is an Artificial Intelligence-based automation service provider and since the beginning of COVID-19, businesses all around the world are looking for automation tools and services to automate their accounting and Human Resources’ routine tasks to enhance productivity. Observing the facts here, automation tools and services adopted by start-ups and businesses would eventually cut down on employment which means fewer people will have to work on these repetitive routine tasks.
As businesses around the world have shifted their focus on remote working and work from home, the demand for automation tools and services in the market have risen drastically. Start-ups such as UiPath have gone into significant profits and as a result of this strategic business decision to go public, the post-money valuation of the company is amounting to USD 34 billion.