US-based robotic automation technology producer UiPath closed a series C round co-led by CapitalG, the growth equity arm of internet and technology group Alphabet, at $265m yesterday after adding $40m.
Venture capital firm Sequoia Capital co-led the round with CapitalG, the two having also co-led the $225m first close in September this year which included Accel. The extra cash came from Institutional Venture Partners, Madrona Venture Group and Meritech Capital.
UiPath provides software that enables enterprises to program computer systems or robots to replicate repetitive tasks that help to make up business processes.
The platform is capable of logging into applications, copying and pasting information, filling in forms, moving around files and folders, and finding structured and semi-structured data in documents.
Daniel Dines, co-founder and CEO of UiPath, said: “UiPath has had many funding options and I believe we have selected the investors that align best with our culture and beliefs. I am humbled as the syndicate of unquestionably top-tier venture capital firms who believe in UiPath and support our future.
“Additionally, it is a core UiPath principle to share the success of the company in a meaningful way with our hard-working and long-time employees and we were excited to be able to extend the opportunity, at their personal choice, to realise partial liquidity in this round.”
UiPath said at the time of the round’s first close that it plans to spend the funding on product development and strategic acquisitions as it seeks to expand its existing partnerships.
The series C round valued UiPath at $3bn. Earlybird, Seedcamp and Credo Ventures had supplied $1.6m of seed capital for the company in 2016, before Accel led its $30m series A round in April 2017 at a $140m valuation.
Accel also led UiPath’s $153m series B round in May this year, participating alongside CapitalG, Earlybird’s Digital East Fund, Kleiner Perkins Caufield & Byers, Credo Ventures and Seedcamp, at a $1.1bn valuation.
