UiPath Secures $750M at $35B Valuation Ahead of Upcoming IPO
Robotic process automation leader UiPath closes a massive $750 million Series F round, pushing its valuation to $35 billion. The new funding follows the company's recent SEC filing 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 at a $35 billion post-money valuation. Existing investors Alkeon Capital and Coatue co-lead the round with participation from several other prominent financial firms. This latest investment brings the New York-based company's total raised capital to nearly $2 billion.
The company currently generates around $360 million in annual revenue and serves over 6,300 customers, including Amazon, Bank of America, and Verizon. UiPath uses artificial intelligence and machine learning to automate repetitive tasks for businesses and governments, freeing employees to focus on more complex work. It faces growing competition in the RPA market from Microsoft Power Automate, Blue Prism, Automation Anywhere, and SAP.
This massive funding round comes just weeks after UiPath submits a draft registration to the SEC for an initial public offering. The company exhibits explosive growth, expanding from 200 million in annual recurring revenue in 2019 to its current revenue run rate. Observers anticipate that the upcoming UiPath IPO emerges as one of the most significant public debuts of 2021.