- UiPath Inc. is a robotic process automation (RPA) startup.
- The company has raised a $750 million funding in Series F round.
- Total raised money by UiPath, to date that totals to nearly $2 billion.
- The New York-based startup provides a complete software platform.
UiPath is a global software company that develops a platform for robotic process automation (RPA or RPAA). UiPath was founded in 2005 by the Romanian entrepreneurs, Daniel Dines and Marius Tîrcă. The company started from Bucharest, Romania, and later opened offices in London, New York City, Bangalore, Paris, Singapore, Washington, D.C., and Tokyo.
The company reported 590 employees in 2017. And, it moved the headquarters to New York. The company had 100 customers in 2016, which rose to 700 customers in 2017. In 2019, UiPath crossed 5,000 customers worldwide. According to Gartner market share data, UiPath advanced from #5 in share in 2017 to #1 in share in 2018.
UiPath Raises $750 million
The company has raised a $750 million funding in Series F round at a post-money valuation of $35 billion. As compared to its $3 billion valuations in 2018, UiPath has come a long way with its mission to unlock human creativity and ingenuity by enabling the Fully Automated Enterprise and empowering workers through automation.
Alkeon Capital and Coatue co-led the funding round. Other investors include Altimeter Capital, Dragoneer, IVP, Sequoia, and Tiger Global. On the other hand, the funds and accounts are advised by T. Rowe Price Associates, as per the company’s official release. According to the news media, the total raised money by UiPath, to date, totals nearly $2 billion. In its last series of funding, the company had raised $225 million.
Robotic Process Automation (RPA) UiPath
RPA technology automates monotonous, repetitive chores traditionally performed by human workers. Forrester estimates that RPA and other AI subfields created jobs for 40% of companies in 2019 and that a tenth of startups now employs more digital workers than human ones.
UiPath takes a multipronged approach to RPA that begins with task discovery. The company’s process mining tech produces an “X-ray” of end-to-end desktop, web, text-based, business app, email, IT. Office workflows by pulling log data from existing enterprise systems, helping to identify root cause issues through recommendations, visualizations, tags, and KPIs.
Task capture is the next step in UiPath’s onboarding chain and comes as employees move through a work process they’d like to automate, taking screenshots and gathering data like window names, titles. Descriptions before pulling everything together into a process definition document or XAML file.
