Robotic process automation software startup UiPath landed $225 million in a Series E round of funding, bringing its valuation to $10.2 billion.
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The new round, which was led by Alkeon Capital, brings the company’s total funding to more than $1.2 billion. Other investors in the round include Accel, Dragoneer, Coatue Management, IVP, Sequoia Capital, Madrona Venture Group, Tencent, Tiger Global Management, Wellington Partners and T. Rowe Price and Associates.
UiPath makes software that can essentially replicate human actions, allowing people to leave mundane tasks like invoice or claims processing to technology and focus on other parts of their job. As CFO Ashim Gupta puts it, UiPath helps enable the acceleration of human achievement.
“Hyperautomation is one of the fastest-growing spaces … so we want to build out our platform in a significant way,” Gupta said.
The new funding isn’t core operational funding, Gupta said in an interview with Crunchbase News. The company, which is based in New York, plans to continue to extend the platform’s capabilities and artificial intelligence, and invest in its cloud platform, he said.
In terms of growth, UiPath has more than $400 million in annual recurring revenue. A year ago, the company crossed the $200 million ARR mark, Gupta said.
COVID-19 has only highlighted the need to be able to overcome challenges quickly, according to the company. The pipeline has grown strong, but the pandemic also increased awareness of hyperautomation, Gupta said. For that reason, the company doesn’t see itself as a short-term remedy to fix issues created by the global pandemic.
UiPath last raised $568 million in a Series D round led by Coatue Management in April 2019, according to Crunchbase.
Illustration: Li-Anne Dias