India: Robotic process automation startup UiPath raises $750m at $35b valuation

Artificial intelligence and robotics converge.

New York-based robotic process automation (RPA) software company UiPath, which has active operations in India, has closed a $750-million Series F funding at a post-money valuation of $35 billion, it said in a statement.

The round was co-led by existing investors Alkeon Capital and Coatue. Altimeter Capital, Dragoneer, IVP, Sequoia, Tiger Global, and funds advised by T. Rowe Price Associates, Inc also participated, the statement added.

UiPath was valued at $10.2 billion after it raised $225 million in Series E round in July last year.

The current funding comes a month after the company had filed confidentially for an initial public offering with the U.S. Securities and Exchange Commission (SEC). UiPath could be valued at more than $20 billion in its IPO, which could come as soon as the first half of 2021, Bloomberg reported in December.

Founded in 2005, UiPath specializes in robotic process automation technology that helps companies automate several repetitive business processes. Its automation platform provides customers with a set of capabilities to build, manage, run, engage, measure, and govern automation across departments within an organisation.

UiPath has a significant presence in India, with more than 370 employees. The country also houses the company’s second largest engineering development center in Bengaluru. The team in India also forms the base for global shared services that includes pre-sales consultants, sales, solution architects and customer success functions, it said in an earlier statement.

Globally, the company claims to have already automated millions of repetitive tasks for over 65 per cent of the Fortune 500 and eight of the Fortune 10 companies.

UiPath competes with SoftBank-backed Automation Anywhere Inc. Other investors in the company include Accel, Alphabet Inc.’s CapitalG, Kleiner Perkins and Meritech Capital Partners.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.