UiPath, the US-based robotic process automation (RPA) software producer backed by internet group Tencent and internet technology conglomerate Alphabet, raised $750m in series F funding yesterday at a $35bn post-money valuation.
Hedge fund Alkeon Capital Management and investment management firm Coatue co-led the round, which also featured Altimeter Capital, Dragoneer, IVP, Sequoia Capital, Tiger Global Management and funds and accounts advised by T. Rowe Price.
Founded in 2005, UiPath provides RPA technology that leverages artificial intelligence to help businesses automate repetitive tasks and increase efficiency. It confidentially filed for an initial public offering in December 2020.
The round pushed the company’s overall funding to about $2.05bn and comes seven months after Alkeon Capital led a $225m series E valuing it at $10.2bn.
Tencent also took part in the series E round, as did Coatue, Dragoneer, Sequoia, Tiger Global, IVP, Accel, Madrona Venture Group, Wellington Management and funds and accounts advised by T. Rowe Price.
UiPath secured $568m in a mid-2019 series D round led by Coatue and backed by Alphabet subsidiary CapitalG, Dragoneer, Wellington Management, Accel, Sequoia, IVP, Madrona Venture Group, Sands Capital and funds and accounts advised by T. Rowe Price, at a $7bn post-money valuation.
CapitalG and Sequoia had co-led company’s series C round, which closed at $265m in 2018, investing alongside Accel, IVP, Madrona Venture Group and Meritech Capital.
Accel had already led a $153m series B round for UiPath earlier the same year that also featured CapitalG, Kleiner Perkins Caufield & Byers and existing investors Credo Ventures, Seedcamp and Earlybird, valuing it at $1.1bn.
