VC firms line up to help UiPath strike $7bn valuation through Series D round

Robotic process automation software business UiPath has struck a $7bn valuation through a funding round from a string of venture capital and other investors.

The company, whose software has application in areas from fintech and insurtech to healthcare, telecoms and manufacturing, picked up $568m through the Series D round.

Investment manager Coatue led the funding, with other capital coming from T Rowe Price, Accel, Sequoia, Madrona Venture Group and IVP, among others.

UiPath closed its Series A round on $30m almost exactly two years ago, and has since grown its business to exceed 400,000 global users.

Recent customer additions include American Fidelity, BankUnited, Japan Exchange Group, Nippon Life Insurance Company and Shinsei Bank, as well as businesses such as Google, McDonalds and Uber.

UiPath co-founder and CEO Daniel Dines said, “We are at the tipping point. Business leaders everywhere are augmenting their workforces with software robots, rapidly accelerating the digital transformation of their entire business and freeing employees to spend time on more impactful work.

“UiPath is leading this workforce revolution, driven by our core determination to democratize RPA and deliver on our vision of a robot helping every person.”

Coatue founder Philippe Laffont added, “UiPath is improving business performance, efficiency and operation in a way we’ve never seen before.

“The company’s rapid growth over the last two years is a testament to the fact that UiPath is transforming how companies manage their resources.

“RPA presents an enormous opportunity for companies around the world who are embracing artificial intelligence, driving a new era of productivity, efficiency and workplace satisfaction.”

Copyright © 2019 FinTech Global

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