UiPath robotics process automation startup has raised $ 400 million for a valuation of more than $ 7 billion – TechCrunch

UiPath, A robotics automation platform targeting IT companies, raising more than $ 400 million in Series D funds from $ 7 billion venture capital investors, confirmed sources at TechCrunch as a result of a Business Insider report.

We sought the opinion of the company.

UiPath, founded in 2005, has raised $ 409 million so far, which means that the new capital round will double the total capital invested in the startup, as well as its valuation. According to PitchBook, its $ 225 million C Series was lifted just six months ago. UiPath is supported by major investors CapitalG and Sequoia Capital, who co-directed his C series, as well as Accel, Credo Ventures and Earlybird Venture Capital, among others.

The last round of financing is led by a public institutional investor.

UiPath develops automated software workflows to facilitate tedious daily tasks in business operations. RPA is probably an abuse of language. It's not necessarily a robot as we think today. It is more of a very sophisticated macro recorder or workflow automation tool, allowing a computer to handle a series of highly repeatable activities in a common workflow, such as accounts payable. .

For example, the process could start by scanning a check, then using OCR to read the payer and the amount, add this information to an Excel spreadsheet and send an email to a user to confirm that the transaction has been performed. Humans still have a role to play, especially in the handling of exceptions, but this provides a way to automate existing systems, which may not benefit from more modern tools.

The company began mobilizing private capital in 2015 and has since experienced rapid growth in its valuation and recurring annual income (ARR). UiPath achieved a $ 1.1 billion valuation with its B Series in March 2018, which it more than doubled with its C Series and once again saw its value increase by 2 times. This is the result of his ARR swelling.

The company says its annual recurring revenue has increased from $ 1 million to $ 100 million in less than two years. With its C Series, it has 1,800 corporate customers and adds six new customers a day. Sources told TechCrunch that UiPath had realized 180 million rubles of revenue in euros last year and that it was on track to reach $ 450 million in ruble receipts in 2019.