UiPath values at $3 Billion with $225 Million funding

UiPath has closed its series C funding raising $225 million at a valuation of $3 billion. The round was co-led by existing investor CapitalG and new investor Sequoia Capital. Accel, which led both UiPath Series A and B rounds also participated in this round.

UiPath is likely to be the fastest-growing enterprise software company in history. The company announced in early July that it had increased its annual recurring revenue from $1 million to $100 million – a feat which it believes no other enterprise subscription software business has accomplished in such a short time. UiPath counts more than 1,800 global customers and is adding six new enterprise customers per day. The company expects annual recurring revenue at the end of 2018 to increase by more than four times compared to the end of 2017.

Raghunath Subramanian, President & CEO (India and APAC), UiPath, says, “This is a milestone development that is going to change the market dynamics and play an important role in our expansion plans in India. The company plans to use the additional funding to support its accelerated product development ambitions, deepen its ecosystem of partnerships to deliver complementary AI-enabled solutions, broaden the role of RPA in enterprise process automation initiatives, and invest in targeted M&A opportunities.”

The funding will also see a major expansion of the company’s operations in India. UiPath plans to strengthen its Indian operations and product development capabilities by increasing the workforce from 250 to 1,200 by the end of 2019, expand presence to 8 cities including, Chennai, Pune, Hyderabad and Kolkata, while ramping up workforce across all functions in Bengaluru, Mumbai, and Gurgaon.

UiPath is the most widely adopted Enterprise RPA platform, enabling the rapid design and deployment of software robots or “digital workers”. The company was named a leader in The Forrester Wave: Robotic Process Automation, Q2 2018, achieving the highest score in the “Current Offering” category and the highest possible score in “Market Presence”.

Democratizing RPA remains a top priority with on-line, corporate and free academy training programs, the Community Edition to enable free RPA access, and Community Forum to connect developers, customers and partners alike to accelerate the adoption of digital-era skills. Globally, UiPath expects to end 2018 with more than 1,700 employees, a three-fold increase in 12 months, with operations in 30 offices across 16 countries.

The company has raised over $400 million from tier one investors including Accel, CapitalG, Earlybird’s Digital East Fund, Kleiner Perkins Caufield Byers, Credo Ventures, Seedcamp and now Sequoia. UiPath raised its Series A in April 2017 with 200 customers at a valuation of $140 million. It raised another $153 million in March 2018 at a valuation of $1.1 billion.