A new round of financing drives the value of UiPath up to $ 10.2 billion – EU’s most valuable start up
RPA Market leader UiPath announced on July 13, 2020, that it closed a $225 million Series E round, reaching $10.2 billion in valuation. The round was led by Alkeon Capital, Accel, Coatue, Dragoneer, IVP, Madrona Venture Group, Sequoia Capital, Tencent, Tiger Global, Wellington, and accounts advised by T. Rowe Price Associates, Inc.
Jul 13, 2020 | Frankfurt, Germany
“Automation, similar to cloud computing, has become a strategic imperative that is fundamentally changing the way organizations 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,” said Abhi Arun, General Partner at Alkeon. “UiPath is one of the fastest-growing enterprise software companies in technology history. 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.”
According to Forbes, “This round comes a year after the much larger $570 million Series D in April of 2019, which made Co-Founder and CEO Daniel Dines a billionaire, and prompted Forbes to call him the world’s first bot-billionaire.”
Founder Daniel Dines has been causing a sensation in the scene after he made the headlines in 2019 when UiPath had become the world’s highest-rated start-up for artificial intelligence. Back then, investors had $568 million invested in the company.
Robotic Process Automation (RPA), a new form of process automation, offers its users the option of having individual sections or even entire processes executed by software. The so-called „robots“ are customized programs that work independently within the desired applications, just as an employee would.
RPA, as an industry, has been getting crowded as several major players have entered the field, mostly through acquisitions. For example, SAP bought the French RPA company Contextor at the end of 2018, Microsoft acquired U.K./Greek company Softomotive in May of this year, and IBM announced last week that it had acquired Brazilian RPA provider WDG Automation.
RPA is a very young category and having Microsoft, IBM and also SAP playing in this category is a good thing. It’s going to accelerate the adoption of RPA and the broader automation technology within businesses.Dines
UiPath is leading the “automation first” era – championing one robot for every person, delivering free and open training and collaboration while enabling robots to learn new skills through AI and machine learning. Led by a commitment to bring digital era skills to more than a million people. The company’s enterprise Robotic Process Automation (RPA) platform has already automated millions of repetitive, mind-numbing tasks for businesses and governmental organizations worldwide, improving productivity, customer experience, and employee job satisfaction.
The newest innovation Hyperautomation, which was released in 2019, brings together several components of process automation. Integrating tools and technologies that amplify the ability to automate work such as combining AI, machine learning (ML), process mining, decision management, and natural language processing (NLP), and tools like Document understanding, AI fabric, Hybrid Robots etc., it unlocks even more automation opportunities.
Today, UiPath employs 2,900 people with 800 in Bucharest and New York respectively, with the rest located in around 20 different countries around the globe.
As a UiPath Gold Partner, BCH is at the forefront of cutting-edge automation technology and insights.
Forbes. 13. 07. 2020