One of the leading names in robots process automation, UiPath announced on Thursday it has raised more than $400 million in Series D funding and the company has been valued around $7 billion mark, according to a report by TechCrunch.
Founded in 2005 the company has so far raised $409 million to date, which means that this latest round of funding is going to double the investment in the startup. The company which is backed by CapitalG and Sequoia Capital, as well as Accel, Credo Ventures and Earlybird Venture Capital raised $225 million three months ago in Series C round of funding and this latest round of funding has provided the much-needed impetus to the company.
UiPath is basically into developing automated software workflows and is meant to facilitate long and tedious business operations. The word RPA might be considered a misnomer as it is not the way we think of robots today. It’s more like a workflow automation tool, which lets a computer handle a series of highly repeatable activities in a common workflow, like accounts payable.
The company started raising capital in 2015 and since then has come a long way and experienced rapid growth in its valuation and annual recurring revenue (ARR). The growth chart of the company is apparent from the fact that the company was valued t $1.1 billion with the Series B funding in March 2018 which doubled with the series C funding and same is the case now with this latest round of Series D funding.
The rise of the company has been swift and it says that it went from $1 million to $100 million in annual recurring revenue in less than two years, which speaks volumes about the company. Sources have told TechCrunch that the ARR for UiPath in 2018 was 180 million and the company is well on track to do $450 million in ARR this year.