UiPath, the robotic process automation (RPA) software provider that floated in one of last year’s biggest initial public offerings, entered the corporate venture capital space yesterday with the launch of subsidiary UiPath Ventures.
Founded in 2005 and based in the US, UiPath produces RPA technology which links up with products in areas such as customer relationship management or enterprise resource planning to help organisations automate repetitive tasks. It listed on the New York Stock Exchange in a $1.54bn IPO in April 2021.
The unit will target technology centred on automation, artificial intelligence and machine learning. Its first investment is in AirSlate, a US-based developer of no-code business automation software, through a $51.5m round led by VC firm G Squared at a $1.25bn valuation.
Portfolio companies will get access to the expertise of UiPath executives, in addition to business and operational guidance as well as exposure to the corporate’s clients and opportunities to drum up business through the UiPath Partner Network.
AirSlate’s offering covers areas such as document management and e-signatures. It has 100 million users worldwide. It has struck a partnership deal with UiPath that will allow the latter’s customers to add automated document workflows to their UiPath processes.
UiPath’s chief corporate development officer, Vijay Khanna, said in a statement: “UiPath Ventures is born from our deep-seated belief that UiPath is building a new layer in the enterprise IT stack – the automation layer that will sit above existing systems and infrastructure and do the mundane work that’s done by humans.
“The more organisations harness the power of the UiPath automation platform, the faster we innovate together to fulfil the UiPath vision of the fully automated enterprise.”
Prior to going public, UiPath’s investors included internet and technology conglomerate Alphabet (through growth equity subsidiary CapitalG) and internet and gaming group Tencent.
