Robotic Process Automation (RPA) firm UiPath has announced it has raised $225 million (nearly Rs 1,692 crore) in its Series E investment round, at a valuation of $10.2 billion.
In the last two years, the company has grown its annual recurring revenue (ARR) from $100 million to over $400 million and aims to advance the market-leading hyper automation platform and expand cloud offerings.
“This funding allows us to accelerate our platform ambitions to meet mounting customer demands and scale the tremendous opportunity to bring automation to one billion citizen developers – resulting in every business finally becoming a software business,” said Daniel Dines, UiPath Co-Founder and CEO.
“We will advance our market-leading platform and will continue to deepen our investments in AI-powered innovation and expanded cloud offerings,” he added.
The round was led by Alkeon Capital Management. Other participants included Accel, Coatue, Dragoneer, IVP, Madrona Venture Group, Sequoia Capital, Tencent, Tiger Global, Wellington, and funds and accounts advised by T. Rowe Price Associates, Inc.
With automation now becoming a boardroom imperative with new urgency, UiPath said it will use this funding to deepen its investment in research and development.
The company made its end-to-end hyper automation platform available in May this year.
“Covid-19 has heightened the critical need of automation to address challenges and create value in days and weeks, not months and years. We are committed to working harder to help our customers evolve, transform, and succeed fast in the new normal,” said Dines.
Abhi Arun, General Partner at Alkeon, added: “UiPath is one of the fastest growing enterprise software companies in technology history and we’re excited to partner with them for years to come, as they deliver the most advanced and disruptive automation platforms of the modern enterprise.”
The company said it has automated millions of repetitive tasks for over 65 per cent of the Fortune 500 companies.