UiPath, one of the pioneers in the rapidly growing robotic process automation industry, revealed Monday that it managed to close a whopping $750 million in its Series F funding effort at a mind-boggling post-money valuation worth $35 billion.
Current backers Coatue and Alkeon Capital worked together to lead the round. It also included the presence of other previous investors like Dragooned, Altimeter Capital, Sequoia, IVP, Tiger Global, and the accounts and funds under the T. Rowe Price Associates, Inc.
According to a report from Crunchable, the recent financing move leads the New York-based firm’s total raise to almost $2 billion since its inception.
UiPath was first established in 2005, but it was not able to raise the institutional capital of the company until 2015. Another report from CNBC released in December that the RPA company has a yearly revenue of almost $360 million. It also served more than 6,300 customers since it started its operation, including the Bank of America, Amazon, and Verizon.
The company operates with a mission to liberate human creativity and resourcefulness by letting its trademark Fully Automated Enterprise and inspiring workers to do better through automation. The Automation Platform product of the company plans to revolutionize the way people work by providing companies a useful way to create and run automation in all departments.
UiPath uses artificial intelligence (AI) and workable machine learning in its effort to robotize all the repetitive, mind-numbing work assignments for business institutions and government organizations worldwide. It also aims to improve customer experience, productivity, and employee job satisfaction. The company also wants to give workers the right mental energy and more time to concentrate on their other complicated tasks.
The other companies with the same objectives include Blue Prism, Microsoft Power Automate, and Automation Anywhere. SAP is also a new player in this growing industry.
Since its establishment, the company started to expand significantly. In April 2019, the company generated $568 million in Series D. UiPath only had 400,000 users in as many as 200 nations. During that time, the firm declared that it raised its annual recurring revenue or ARR. It used to have $8 million in April 2017, then grew to more than $200 million after that. The company also declared that it increased its headcount by as many as 16 times after two years when it reached over 2,500 employees.
The company also hinted that it is seriously considering launching an IPO at that time.
The company stayed true to its word when it submitted a draft registration in December to the Securities and Exchange Commission for its initial public offering. It managed to raise a significantly huge round at the moment.
Some experts believe that UiPath’s decision to go public could turn out to be 2021’s Snowflake IPO. But the alternative payments service provider Affirm recently went on the same path when it raised $500 million before it officially filed for an IPO after several weeks.
UiPath opted not to comment about its newest round of funding.