UiPath raises $225m for AI and RPA solutions
UiPath, the artificial intelligence (AI) and robot process automation (RPA) firm, has raised $225 million in Series C funding round, led by CapitalG and Sequoia Capital.
The firm has gone from $1 million to $100 million in annual recurring revenue in less than 21 months, reaching a valuation of $3 billion.
Accel, which led both UiPath Series A and B rounds, also participated in this round. With this round, the total funding surpasses $400 million in total, with other investors like Credo Ventures, Earlybird’s Digital East Fund, Kleiner Perkins Caufield Byers, and Seedcamp.
The company projects that it will end 2018 with more than 1,700 employees, a three-fold increase in 12 months, with operations in 30 offices across 16 countries.
“We are enabling a future where employees at every organisation are empowered to automate tedious and time-consuming work, enabling them to focus on creative, challenging problems,” says Daniel Dines, co-founder and CEO of UiPath.
The company plans to use the additional funding for product development, cultivate partnerships to deliver complementary solutions, expand the reach of RPA and invest in M&A opportunities.
UiPath aims to “democratise RPA”, investing in free UiPath Academy training programmes, a Community Edition to enable free RPA access and a Community Forum to connect developers, customers and partners alike to develop digital skills.