US-based robotics software provider UiPath completed a $568m series D round yesterday featuring CapitalG, the investment arm of internet and technology group Alphabet formerly known as Google Capital.
Investment manager Coatue Management led the round, which included Dragoneer, Wellington Management, Sands Capital, Accel, Sequoia Capital, IVP, Madrona Venture Group and funds and accounts advised by T. Rowe Price Associates.
UiPath has developed robotic process automation (RPA) software that helps companies automate parts of their business by programming robots with new skills, enabling them to fulfil a wider range of repetitive tasks.
The round was closed at a $7bn post-money valuation and it boosted the company’s total funding to almost $1.1bn since it was founded in 2005.
Accel led a $30m series A round for UiPath in April 2017 that also featured seed-stage investors Earlybird Venture Capital, Credo Ventures and Seedcamp, at a $140m post-money valuation.
All four returned for the company’s $153m series B round in March 2018, which was also led by Accel, and which included CapitalG and Kleiner Perkins Caufield & Byers.
CapitalG and Sequoia Capital co-led a $225m series C also backed by Accel six months later, upping its valuation from $1.1bn to $3bn in the process. It added $40m IVP, Madrona Venture Group and Meritech Capital to close the round in November.
Daniel Dines, co-founder and chief executive of UiPath, said: “Business leaders everywhere are augmenting their workforces with software robots, rapidly accelerating the digital transformation of their entire business and freeing employees to spend time on more impactful work.
“UiPath is leading this workforce revolution, driven by our core determination to democratise RPA and deliver on our vision of a robot helping every person.”
