New York-based UiPath on Monday announced a $225 million Series E round, pushing its valuation to $10.2 billion.
Founded in 2005, UiPath builds technology called Robotic Process Automation, or RPA. It involves systems that use AI to learn and then take over routine and mundane software processes and business workflows from human workers. The company has more than $400 million in annual recurring revenue.
“COVID-19 has heightened the critical need of automation to address challenges and create value in days and weeks, not months and years,” UiPath CEO Daniel Dines said in a statement. “We are committed to working harder to help our customers evolve, transform, and succeed fast in the new normal.”
UiPath has a R&D hub in Bellevue, Wash., nearby Microsoft’s headquarters. This past May Microsoft acquired London-based Softomotive, a UiPath competitor.
Alkeon Capital Management led the Series E round, which included participation from Seattle-based Madrona Venture Group. Madrona Managing Director S. “Soma” Somasegar, the former leader of Microsoft’s Developer Division, joined the UiPath board in 2018.
Madrona is also a backer of Snowflake, a Silicon Valley-based cloud data warehousing computing company set to go public which also has a Seattle area engineering center.
Accel, Coatue, Dragoneer, IVP, Sequoia Capital, Tencent, Tiger Global, Wellington, and funds and accounts advised by T. Rowe Price Associates also invested in UiPath’s latest round.
Source: Geek Wire