UiPath, the US-based robotics programming technology provider backed by internet and technology group Alphabet, is looking to raise $400m in funding at a $7bn valuation, TechCrunch reported yesterday.
The valuation had originally been reported by Business Insider, before undisclosed sources confirmed it to TechCrunch along with the targeted close and news that the round is set to be led by a public institutional investor.
Founded in 2005, UiPath has built a robotics processing automation platform that helps users automate mundane enterprise tasks. The open platform can be integrated with software in areas such as artificial intelligence, customer relationship management and enterprise resource planning.
Although it has not revealed how it would spend any new funding, the news comes weeks after UiPath announced it plans to roughly triple the size of its India-based staff to more than 1,000 by the end of this year.
The company has raised $550m in funding altogether, and was valued at $3bn in September 2018, when it reached the first close of a series D round co-led by Alphabet subsidiary CapitalG that closed at $265m two months later.
The round was co-led by Sequoia Capital and also featured fellow venture capital firms Accel, Institutional Venture Partners and Madrona Venture Group as well as private equity firm Meritech Capital.
Accel had already led UiPath’s $153m series B round in March 2018, investing alongside CapitalG, Kleiner Perkins Caufield & Byers, Credo Ventures, Earlybird’s Digital East Fund and Seedcamp at a $1.1bn valuation.
UiPath had initially raised $1.6m in seed capital from Earlybird, Seedcamp and Credo Ventures in 2015 before adding $30m in an Accel-led series A round in 2017.
