- The valuation of the firm now stands at USD 7 billion – up from USD 3 billion at the time of its series C valuation just seven months back
- The startup is close to profitability and would keep expanding as a private firm
UiPath, a US-based robotic process automation (RPA) platform, has reportedly announced to have raised a total of USD 568 million in a series D funding round led by hedge fund Coatue Management. As per reliable sources, investors that participated in the latest round included Sands Capital, Dragoneer, Wellington, IVP, Madrona Venture Group, Accel, Sequoia, and Alphabet’s CapitalG, and funds advised by T.Rowe Price & Associates.
Reportedly, the total funding raised by UiPath now stands at more than USD 1 billion, following last year’s USD 153 million and USD 225 million series B and C rounds. The valuation of the firm now stands at USD 7 billion – up from USD 3 billion at the time of its series C valuation just seven months back.
As per trusted sources, the startup is close to profitability and would keep expanding as a private firm. It is being said that launching an IPO within the next 12-24 months is the medium-term plan of the company.
Cofounder and Chief Executive Officer of UiPath, Daniel Dines was reportedly quoted saying that business leaders across the world are complementing their workforces with software robots which is speeding up the pace of digital transformation of entire businesses and encouraging employees to spend more time on impactful work. Dines further stated that UiPath is driven by its principal guiding concept to democratize RPA to deliver its vision of a robot assisting each individual and to lead the workforce revolution.
For the record, UiPath, previously called Deskover, began as a software outsourcing startup in Bucharest, Romania. It began its operations in 2005 by building automation libraries and SDKs for prominent tech firms, including Google and Microsoft.