US-headquartered automation technology producer UiPath revealed yesterday it has confidentially filed to go public, five months after raising money from investors including internet group Tencent at a valuation topping $10bn.
UiPath provides robotic process automation software that helps businesses improve efficiency and accuracy in their workflows at scale. It has raised some $1.3bn in funding since it was founded in 2005.
Investment adviser Alkeon Capital Management led the company’s $225m series E round in July this year at a $10.2bn valuation. It included Tencent, Accel, Coatue Management, IVP, Dragoneer, Madrona Venture Group, Sequoia Capital, Tiger Global Management, Wellington Management and funds and accounts advised by T. Rowe Price.
Accel, Earlybird, Seedcamp and Credo Ventures supplied UiPath’s earlier funding, and all four returned for a $153m series B round also featuring CapitalG, part of internet and technology group Alphabet, as well as Kleiner Perkins Caufield & Byers, in March 2018.
The series B round valued the company at $1.1bn valuation and was followed eight months later by a $265m series C co-led by CapitalG and Sequoia Capital and backed by Accel, IVP, Madrona Venture Group and Meritech Capital.
UiPath increased its valuation to $7bn in a $568m series D round in May 2019 led by Coatue Management that also featured CapitalG, Dragoneer, Accel, Sequoia Capital, IVP, Madrona Venture Group, Wellington Management, Sands Capital and funds and accounts advised by T. Rowe Price.
