New York-based robotic process automation (RPA) startup, UiPath, announced Monday, February 1, 2021, that it has successfully closed $750 million in its recent foray into the Series F investment round. The funding comes as the company is valued at $35 billion.
The Series F funding round was led both by Alkeon Capital and Coatue, both existing investors of the company.
Meanwhile, Business Wire said that other returning investors also took part in the said funding round. These include the likes of Altimeter Capital, Dragoneer, IVP, Sequoia, Tiger Global, and several funds and accounts based on the advice given by T. Row Price Associates, Inc.
The multi-million dollar funding injection reportedly brings the company’s total amount raised to nearly $2 billion, states Tech Crunch.
Its funding comes prior to the startup’s initial public offering later this 2021. UiPath has filed for an IPO with the United States Securities and Exchange Commission last December notes Reuters.
Founded in 2005 by Marius Tirca and Daniel Dines, the startup specializes in building technology called robotic process automation (RPA). Its mission is to “unlock human creativity and ingenuity by enabling Fully Automated Enterprise and empowering powers through automation,” as it claims in its press release.
With its approach and its Automation Platform, the startup looks to effect changes in the way people move and work today, especially with its automation technologies.
It leverages artificial intelligence and machine learning capabilities to help streamline and “automate millions of repetitive, mind-numbing tasks for business and government organizations all over the world, improving productivity, customer experience, and employee job satisfaction,” notes Tech Crunch.
Among the technologies that UiPath has successfully made for its extensive list of clients are automating repetitive and somewhat tedious tasks. These include entering data into spreadsheets and many others, states Bloomberg, thereby helping companies save more time and money with their business operations in the long run.
The onset of the virus pandemic has led more companies to notice the work that UiPath has put through.
In particular, Venture Beat mentions that Mater Hospital in Dublin has already utilized UiPath’s tools and technologies to aid in its Covid-19 testing procedures, allowing it to churn out results in a faster period of time. The same technology was employed in the Cleveland Clinic in the United States.
Venture Beat states that UiPath has also contributed to furthering the automation efforts of the United States government as it deals with the virus pandemic by allowing the Department of Homeland Security to analyze Covid-19-related information using its 500 bots.
