RPA startup UiPath raises $750 million

New funding: UiPath now valued at 35 Billion raises $750 million

Robotic process automation (RPA) startup UiPath today announced it raised $750 million in series F funding, bringing its total raised to nearly $2 billion following a $225 million round in July 2020. It brings the New York-based company’s post-money valuation to $35 billion, up from $3 billion in 2018, and will likely lay the groundwork for strategic acquisitions following UiPath’s acquisition of startups StepShot and ProcessGold last October.

Existing backers Alkeon Capital and Coatue co-led the round, which also included participation from other returning investors such as Altimeter Capital, Dragoneer, IVP, Sequoia, Tiger Global, and funds and accounts advised by T. Rowe Price Associates, Inc.

UiPath might have momentum on its side — annual recurring revenue hit $400 million this year, an uptick from $300 million in October 2019 and $25 million three years ago. But it also has rivals in Automation Anywhere, which last secured a $290 million investment from SoftBank at a $6.8 billion valuation. Within a span of months, Blue Prism raised over $120 million, Kryon $40 million, and FortressIQ $30 million. Tech giants have also made forays into the field, including Microsoft’s acquisition of RPA startup Softmotive and IBM’s purchase of WDG Automation.

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