UiPath turns decacorn with $225 mn growth round funding

Robotic process automation (RPA) company UiPath said on Monday it raised $225 million at a post-money valuation of $10.2 billion. The growth round of funding, dubbed as Series E, was led by New York based hedge fund Alkeon Capital Management.

Private equity firms Accel, Coatue Management, Dragoneer Investment Group, IVP, Madrona Venture Group, Sequoia Capital, Tencent, Tiger Global, Wellington also chipped in.

“We will advance our market-leading platform and will continue to deepen our investments in artificial intelligence-powered innovation and expanded cloud offerings. Covid-19 has heightened the critical need of automation to address challenges and create value in days and weeks, not months and years,” Daniel Dines, co-founder and CEO at UiPath said in a statement. 

Founded in 2005 by Dines and Marius Tirca, UiPath provides software to help organisations automate repetitive business processes.

The New York headquartered company, which rolled out an updated version of its hyperautomation platform in May 2020, claims to operate at an annual recurring revenue of $400 million --  a 300% increase versus two years ago.

Watch: Five use cases for RPA in manufacturing in the post Covid-19 world

“Automation, similar to cloud computing, has become a strategic imperative that is fundamentally changing the way organizations operate… UiPath is one of the fastest growing enterprise software companies in technology history,” Abhi Arun, general partner at Alkeon said.  

In April 2019, UiPath closed its Series D round of funding at $568 million led by Coatue Management. Raghu Subramanian, the company's former president and chief executive, had said that the potential RPA held in areas such as infotech, financial services, healthcare and the government in the subcontinent was massive. 

In November, the company elevated Manish Bharti to head the India region.