UiPath, the company that designs and develops robotic process automation and artificial intelligence software has bagged $225 million as part of Series E financing led by Alkeon Capital Management. Accel, Coatue, Dragoneer, IVP, Madrona Venture Group, Sequoia Capital, Tencent, Tiger Global, Wellington, and T. Rowe Price Associates also participated in the financing.
In the Series D round that was closed last year in April, the firm had secured $568 million which was led by Coatue Management. The current investment takes the total amount raised by the company to $1.2 billion.
Daniel Dines and Marius Tirca had founded the firm in 2005. Notably, the company was first set up in Bucharest, Romania, and then moved all over the world. It counts names like GE, Virgin Media, Airbus, Google, Autodesk, NASA, HP, Fujifilm, McCormick, DHL, Swiss Re, McDonald’s, and Equifax among its clients.
Interestingly, with this round of funding, the company did not decline on their plans of going public. Ashim Gupta, the CFO of the firm said that they are evaluating the market conditions and that they have not picked a date or month but added that it can happen any time between 12-18 months from now.
Abhi Arun, a general partner at Alkeon in an announcement said that “Automation, similar to cloud computing, has become a strategic imperative that is fundamentally changing the way organizations operate. UiPath’s leading-edge, the mission-critical product combines scalable software with an intuitive user interface, enabling companies globally to accelerate their digital transformation efforts.”
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