New York-based robotics process automation company UiPath is raising a fresh $400 million capital as part of Series D financing from a group of VC investors. Notably, the reports suggest that if the company manages to bag the said amount, the valuation of the firm will be going over $7-billion mark.
The last investment for the firm came in September last year when Capital G and Sequoia Capital had jointly led the Series C funding round, putting $265 million. At this moment of time, the firm has reportedly raised $448 million funding from the backers that include Accel, Earlybird Venture Capital, Meritech Capital Partners, Madrona Venture Group, Seedcamp Credo Ventures, Kleiner Perkins and others.
While there is no confirmation regarding the investors who are participating, Business Insider reports that large technology hedge fund Coatue, with others like T. Rowe Price and Blackstone, are the few of the institutional backers who will infuse the said amount which will take the total capital raised by the firm to over $800 million.
Launched in 2006 by Daniel Dines and Marius Tirca, the firm designs and develops software for robotics process automation. The company has offices in the United Kingdom, Paris in France, Bucharest in Romania, Tokyo in Japan, Singapore, Bengaluru in India, and Melbourne in Australia.
The software of the firm minimizes human efforts in doing repetitive tasks. The company offers its services to the Army and IRS. The products can be used in the banks where the platform can act as a human fraud-prevention analyst.
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