UiPath, the leading enterprise Robotic Process Automation (RPA) software company, founded by Romanian entrepreneurs Daniel Dines and Marius Tirca, announced that it closed a USD 225 million Series E investment round, reaching a valuation of USD 10.2 billion, according to Romania-Insider.com.
Alkeon Capital Management led the financing round. Others participating include Accel, Coatue, Dragoneer, IVP, Madrona Venture Group, Sequoia Capital, Tencent, Tiger Global, Wellington, and funds and accounts advised by T. Rowe Price Associates, Inc.
UiPath will use this funding to deepen its investment in research and development. Having announced the availability of its end-to-end hyperautomation platform in May 2020, UiPath is focused on accelerating and democratizing automation adoption to help customers deliver a better customer experience so employees worldwide can use, and also experience optimal value from software robots, the company said.
“This funding allows us to accelerate our platform ambitions to meet mounting customer demands and scale the tremendous opportunity to bring automation to one billion citizen developers – resulting in every business finally becoming a software business,” said Daniel Dines, UiPath Co-Founder and CEO. “We will advance our market-leading platform and will continue to deepen our investments in AI-powered innovation and expanded cloud offerings. COVID-19 has heightened the critical need of automation to address challenges and create value in days and weeks, not months and years. We are committed to working harder to help our customers evolve, transform, and succeed fast in the new normal.”
This latest fundraise comes on the heels of UiPath being named to both the CNBC Disruptor 50, an annual list of forward-thinking and ambitious private companies whose innovations are changing the world, and the Forbes AI 50, a list of private, U.S.-based companies that are using AI in meaningful business-oriented ways.
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