RPA provider Uipath, whose mission is to automate most of the repetitive functions that allow humans to unlock their talent and focus on more innovative and creative projects, has raised US$750 million, increasing its valuation to a staggering US$35 billion.
The New York-based company has raised around US$2 billion since its founding in 2005, with the investors including the likes of Alphabet Inc.’s CapitalG, Kleiner Perkins, Altimeter Capital, Dragoneer, IVP, Sequoia, Tiger Global, and Alkeon Capital.
The RPA vendor is not making a lot of money, though its valuation is soaring. However, investors are pouncing on companies of this kind, because the demand for RPA is growing like never before, thanks largely to the coronavirus endemic.
Barely four years ago, its annual recurring revenue (ARR) stood at around US$8 million. Now the figure must have reached US$400 million, according to industry analysts.
Uipath is set to list its shares in the New York Stock Exchange in the first half of this year.
The RPA vendor was in fact founded in Romania and today its competitor is Automation Anywhere.