Robotic process automation software company UiPath closed its Series D investment round raising $568 million at a post-money valuation of $7 billion.

Despite controversies around the capacity of the technology to scale, the ongoing costs of maintaining the code, and the impact on jobs, the RPA market is currently soaking up investment dollars aggressively. In addition to UiPath, UK-based Blue Prism added $120 million to its coffers while Automation Anywhere enjoyed an increase in series A funding from $265 to $550 million late last year.

The funding round was led by Coatue and joined by Dragoneer, Wellington, Sands Capital, and funds and accounts advised by T. Rowe Price Associates. Accel, who led the Series A and B rounds, and CapitalG and Sequoia who led the Series C round, all participated in this round, as did other existing investors, including IVP and Madrona Venture Group.

At the $7 billion valuation, UiPath is one of the fastest growing and highest-valued AI enterprise software companies worldwide.

Greg Dunham, VP at T. Rowe Price Associates, said, “The industry has achieved rapid growth in such a short time, with UiPath at the head of it, largely due to the fact that RPA is becoming recognised as the paradigm shift needed to drive digital transformation through virtually every single industry in the world.”

Philippe Laffont, founder of Coatue Management said, “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.”

UiPath closed its Series A funding in April 2017, and since then has expanded on its most important milestones:

  • Claims it has cultivated the world’s largest community in RPA, now exceeding 400,000 users worldwide across 200 countries
  • Says it has expanded its worldwide customer base to eight of the top 10 Fortune Global 500, and over 50 per cent of the top 50 Fortune Global 500
  • Delivered six releases of the UiPath Enterprise RPA platform with defense-grade security, launched UiPath Go!, integrated AI by adding new capabilities like AI Computer Vision, and created an open and extensible architecture that has made UiPath the platform of choice for third-party RPA and AI development
  • Increased annual recurring revenue (ARR) from $8 million to over $200 million
  • Grew its employee base to over 2,500, a 16x increase during the period

“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,” said Daniel Dines, UiPath co-founder and CEO.

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