New York-based UiPath, the Robotic Process Automation (RPA) software company, has raised $225 Mn. The Series C funding round was co-led by existing investor CapitalG and new investor Sequoia Capital in participation with existing investor Accel Partners.
UiPath has been valued at $3 Bn with the latest Series C round of funding, a three-fold increase from $1 Bn valuation in March when it had raised $153 Mn as part of its Series B financing.
Founded in 2005 by Daniel Dines and Marius Tirca, the company is working towards a future where employees at every organisation are empowered to automate tedious and time-consuming work, enabling them to focus on creative, challenging problems.
“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,” said Daniel in a media statement.
UiPath competes with a slew of RPA providers including London-listed BluePrism and Automation Anywhere that recently raised $250 million funding led by New Enterprise Associates and Goldman Sachs Growth Equity with participation from General Atlantic and World Innovation Lab.
The current round has taken the total funding raised by UiPath to $408 Mn and counts investors like Kleiner Perkins Caufield Byers (KPCB), Earlybird’s Digital East Fund, Credo Ventures and Seedcamp in its portfolio.
UiPath plans to use part of the fresh financing to accelerate its India operations and for product development. The company plans to increase its India workforce from 250 to 1,200 by end of 2019.
It also plans to expand its presence to eight cities including Chennai, Pune, Hyderabad and Kolkata, while ramping up workforce across all functions in Bengaluru, Mumbai, and Gurugram.
Apart from this, the company will also be working on ramping up its engineering skill base, expand its domestic sales, pre-sales, support and channel development organisations in the Indian market, as shared in a media statement.
“Every company is looking to drive a digital transformation of their back-end systems, and UiPath is solving that pain point through AI-powered automation. Daniel and his team have built a technology platform that will drive efficiencies and deliver tangible ROI for businesses” said Carl Eschenbach, Partner, Sequoia in a media statement.
UiPath is further looking to have more than 1,700 employees by the end of 2018 globally, a three-fold increase in 12 months, with operations in 30 offices across 16 countries, the company said in a statement. It currently claims to have 1800 global customers and plans to add six new enterprise customers per day.
[The development was reported by ET.]