New York-based robotic process automation (RPA) software company UiPath, which has active operations in India, has closed a $750-million Series F funding at a post-money valuation of $35 billion, it said in a statement.
The round was co-led by existing investors Alkeon Capital and Coatue. Altimeter Capital, Dragoneer, IVP, Sequoia, Tiger Global, and funds advised by T. Rowe Price Associates, Inc also participated, the statement added.
UiPath was valued at $10.2 billion after it raised $225 million in Series E round in July last year.
The current funding comes a month after the company had filed confidentially for an initial public offering with the U.S. Securities and Exchange Commission (SEC). UiPath could be valued at more than $20 billion in its IPO, which could come as soon as the first half of 2021, Bloomberg reported in December.
Founded in 2005, UiPath specializes in robotic process automation technology that helps companies automate several repetitive business processes. Its automation platform provides customers with a set of capabilities to build, manage, run, engage, measure, and govern automation across departments within an organisation.
UiPath has a significant presence in India, with more than 370 employees. The country also houses the company’s second largest engineering development center in Bengaluru. The team in India also forms the base for global shared services that includes pre-sales consultants, sales, solution architects and customer success functions, it said in an earlier statement.
Globally, the company claims to have already automated millions of repetitive tasks for over 65 per cent of the Fortune 500 and eight of the Fortune 10 companies.
UiPath competes with SoftBank-backed Automation Anywhere Inc. Other investors in the company include Accel, Alphabet Inc.’s CapitalG, Kleiner Perkins and Meritech Capital Partners.