US-based automation software provider UiPath completed a $225m series E round yesterday that was led by investment advisory firm Alkeon Capital Management and backed by internet group Tencent.
The round included Accel, Coatue Management, Dragoneer, IVP, Madrona Venture Group, Sequoia Capital, Tiger Global Management and Wellington Management in addition to funds and accounts advised by T. Rowe Price. It increased the company’s total funding to $1.3bn and valued it at $10.2bn post-money.
Founded in 2005, UiPath has developed robotic process automation (RPA) technology that enables employees to configure software to emulate human interaction. RPA automates repetitive tasks such as data entry and is capable of understanding and triggering actions as well as interacting with other systems.
Daniel Dines, co-founder and CEO of UiPath, said: “This funding allows us to accelerate our platform ambitions to meet mounting customer demands and scale the tremendous opportunity to bring automation to one billion citizen developers – resulting in every business finally becoming a software business.
“We will advance our market-leading platform and will continue to deepen our investments in AI-powered innovation and expanded cloud offerings. Covid-19 has heightened the critical need of automation to address challenges and create value in days and weeks, not months and years. We are committed to working harder to help our customers evolve, transform and succeed fast in the new normal.”
Coatue Management led a $568m series D round for UiPath in May 2019 at a $7bn post-money valuation, investing with internet and technology group Alphabet’s CapitalG unit, Dragoneer, Wellington Management, Sands Capital, Accel, Sequoia, IVP, Madrona and funds and accounts advised by T. Rowe Price.
UiPath closed a $265m series C round in November 2018 that was co-led by CapitalG and Sequoia and which included Accel, IVP, Madrona and Meritech Capital.
Accel had led the company’s $153m series B round eight months earlier, with participation from CapitalG, Kleiner Perkins Caufield & Byers, Earlybird Venture Capital, Credo Ventures and Seedcamp.
