UiPath raises $225 million from Capital G and Accel and is now worth $3 billion

UiPath CEO Daniel Dines, a Romanian Microsoft alumnus,
cofounded the New York-based company in 2005 but it wasn’t until
recently that it really took off.
UiPath

• UiPath, a software robotics company, has raised $225 million
  in funding.
• The company, cofounded by a Romanian former Microsoft
  staffer, is now worth $3 billion.

 

Silicon Valley’s biggest investors are throwing money at UiPath,
a software robotics company now valued at $3 billion thanks to
its second mega-funding round this year.

On Tuesday, UiPath announced $225 million in Series C funding
from investors at Google’s CapitalG, Sequoia and Accel. The
startup’s last funding round was just six months ago in March
2018,
when it raised $153 million at a $1.1 billion
valuation. 

While UiPath calls itself a robotic process
automation software company, it’s not talking about metal
arms or high-traction rubber wheels. It’s really more of an
artificial intelligence or machine learning company, as its
software lets companies automate repetitive business processes.
The software interact with applications the way humans might,
only it “never sleeps, makes zero mistakes and costs a lot less
than an employee,” according to the UiPath website.

“We strongly believe that RPA is a primary route for
organizations to benefit from AI, and UiPath is proving this
potential with its unparalleled growth and incredible customer
impact,” Laela Sturdy, partner at CapitalG, said in a
statement. 

Rich Wong, partner at Accel, echoed this vision. 

“I am continually amazed by the dynamics of the RPA and AI
market,” Wong said in a statement. “UiPath is demonstrating that
they have a platform that delivers incredible customer value
fast. We believe that we are at the very early stage for
companies to broadly benefit from automation and AI.”

Daniel Dines, a Romanian Microsoft alumnus, cofounded the New
York-based company in 2005 but it wasn’t until recently that it
really took off. 

The company said it grew its annual recurring revenue from $1
million to $100 million in less than 21 months, and claims the
title of “fastest-growing enterprise software company of all
time.”

The company also says it adds six new enterprise customers a day,
and touts Autodesk, BMW Group and Huawei as customers. The
startup has also grown its employee count 300% in the last
year. By the end of 2018, UiPath plans to have 1,700 employees.

“We are enabling a future where employees at every organization
are empowered to automate tedious and time-consuming work,
enabling them to focus on creative, challenging problems,” Dines
said in a statement. “UiPath is driven by the incredible
potential for our platform to be the gateway to transform our
customers’ digital business operations with machine learning and
AI.”

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