RPA provider UiPath raises $750M at massive $35B valuation

Robotic process automation vendor UiPath Inc. announced today that it has closed $ 750 million in new funding at $ 35 billion post-money, more than triple its value from its previous round of funding last July.

Alkeon Capital and Coatue led this final round. They were joined by returning investors Altimeter Capital, Dragoneer, IVP, Sequoia, Tiger Global and T. Rowe Price Associates.

Under the direction of Daniel Dines (picture), UiPath offers an RPA (Robot Process Automation) platform that companies can use to automate repetitive business tasks. UiPath’s platform uses machine learning to observe how employees perform a specific task in a business application. Then a software robot is created that can replicate every step involved in the workflow down to a few clicks without the need for human input.

UiPath’s platform is used in a wide variety of departments and industries. Banks rely on it to automate tasks like transferring financial information from documents and emails to their record keeping systems, while manufacturers can use the platform to expedite the manual tasks involved in sourcing raw materials. UiPath said As of July last year, the company had annual recurring revenues of more than $ 400 million across all segments in which it operates.

That was more than $ 200 million April 2019.

“In addition to the cloud, AI and containers, automation are the four areas for technical investments that show the greatest spending dynamics among customers. UiPath is at the heart of these trends, ”said Dave Vellante, chief analyst at SiliconANGLE’s sister market research company Wikibon.

“It is also a knife battle with Automation Anywhere to break out of the software package and implement a broader automation agenda,” added Vellante. Automation Anywhere Inc. is another heavily funded player in the RPA market received a valuation of $ 6.8 billion after its last round of funding.

UiPath’s recent funding increases competition in an already highly competitive market. “The recent low-code and RPA launches from Microsoft, SAP and Salesforce, as well as the successful results of publicly traded workflow providers like ServiceNow and the recent UiPath funding round show the importance of digital automation for the future of the business,” commented Dustin Grosse, chief marketing and strategy officer at Nintex, a Bellevue, Washington-based manufacturer of automation software.

While UiPath alone has more than $ 400 million in annual revenue, bigger opportunities lie ahead. “We pegged the TAM RPA tool market in the tens of billions and the broader automation market at over $ 100 billion,” said Vellante. “The bottom line is it’s a huge market that is growing rapidly and UiPath is leading to a foamy market that is benefiting from government incentives, a recovering economy and a new digital age.”

In preparation for the next phase of growth, UiPath has reportedly already begun laying the groundwork for an eventual IPO. Bloomberg reported in December that the company had filed confidential IPO documents and could list its shares as early as the first half of 2021.

Photo: SiliconANGLE

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April 2, 2021