The consortium involved in funding the Series E round from Robotic Process Automation (RPA) company UiPath was led by Alkeon Capital Management, and included Accel, Dragoneer, IVP and Tencent.
Having recently been named in both the CNBC Disruptor 50 and Forbes AI 50, UiPath has grown annual recurring revenue from $100 million to over $400 million in the space of two years, and has plans to advance its hyperautomation and cloud capabilities, with funding going towards research and development.
The company announced the availability of its end-to-end hyperautomation platform in May 2020.
“This funding allows us to accelerate our platform ambitions to meet mounting customer demands and scale the tremendous opportunity to bring automation to one billion citizen developers – resulting in every business finally becoming a software business,” said Daniel Dines, CEO of UiPath.
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“We will advance our market-leading platform and will continue to deepen our investments in AI-powered innovation and expanded cloud offerings. COVID-19 has heightened the critical need of automation to address challenges and create value in days and weeks, not months and years.
“We are committed to working harder to help our customers evolve, transform, and succeed fast in the new normal.”
Abhi Arun, general partner at Alkeon, commented: “Automation, similar to cloud computing, has become a strategic imperative that is fundamentally changing the way organisations operate. UiPath’s leading-edge, mission critical product combines scalable software with an intuitive user interface enabling companies globally to accelerate their digital transformation efforts.
“UiPath is one of the fastest growing enterprise software companies in technology history and we’re excited to partner with them for years to come, as they deliver the most advanced and disruptive automation platforms of the modern enterprise.”
Research from Forrester has stated: “As we emerge from the crisis, firms will look to automation as a way to mitigate the risks that future crises pose to the supply and productivity of human workers.”
