UIPath reels in another $225M as valuation soars to $10.2B

Alkeon Capital led the round with help from Accel, Coatue, Dragoneer, IVP, Madrona Venture Group, Sequoia Capital, Tencent, Tiger Global, Wellington and T. Rowe Price Associates, Inc. Today’s investment brings the total raised to $1.225 billion, according to Crunchbase data.

It’s worth noting that the presence of institutional investors like Wellington is often a signal that a company could be thinking about going public at some point. CFO Ashim Gupta didn’t shy away from a future IPO, saying that co-founder and CEO Daniel Dines has discussed the idea in recent months and what it would take to become a public company.

One of the factors that’s attracting so much investor interest is its growth rate, which Gupta says is continuing on an upward trajectory, even during the pandemic as companies look for ways to automate. In fact, he reports that recurring revenue has grown from $100 million to $400 million over the last 24 months.

As for why the startup needs all that cash, Gupta says in a growing market, it is spending to grab as much market share as it can and that takes a lot of investment. Plus it can’t hurt to have plenty of money in the bank as a hedge against economic uncertainty during the pandemic either. Gupta notes that UIPath could also be looking at strategic acquisitions in the months ahead to fill in holes in the product roadmap more rapidly.

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