UiPath Secures $750 Million at $35 Billion Valuation Ahead of IPO
Robotic process automation leader UiPath closes a massive $750 million Series F round, pushing its valuation to $35 billion. The funding arrives just weeks after the company files for a highly anticipated initial public offering.
UiPath, a major player in the robotic process automation (RPA) industry, closes a $750 million Series F funding round that pushes its post-money valuation to an impressive $35 billion. Existing investors Alkeon Capital and Coatue co-lead the round with participation from other prominent financial firms. This latest injection of capital brings the New York-based company's total raised funding to nearly $2 billion.
The company generates approximately $360 million in annual revenue and serves over 6,300 customers, including major corporations like Amazon and Bank of America. UiPath uses artificial intelligence and machine learning to automate repetitive tasks for businesses, aiming to free up employees to focus on more complex work. It faces growing competition in the enterprise automation space from Microsoft Power Automate, Blue Prism, and SAP.
This massive funding round comes just weeks after UiPath submits a draft registration to the Securities and Exchange Commission for an initial public offering. The decision to raise such a significant amount of money immediately before going public mirrors the recent strategy of other tech companies like Affirm. Many industry observers view UiPath's upcoming IPO as one of the most highly anticipated tech stock debuts of 2021.