Robotic process automation (RPA) provider UiPath has continued its breakneck growth by raising another $225 million in funding, pushing its lifetime investment total north of $400 million.
UiPath said in a statement that it will use the funds for further product development, including more artificial intelligence capabilities along with partners, and “invest in M&A opportunities.”
Daniel Dines, co-founder and CEO of UiPath, says the funding only increases UiPath’s ability to provide a top RPA, machine learning, AI, and digital transformation platform for its customers.
“We are enabling a future where employees at every organization are empowered to automate tedious and time-consuming work, enabling them to focus on creative, challenging problems,” said Dines. “We are delighted by the strong support of our customers, partners and investors toward making this future of automation a reality.”
This was the first investment made by the Menlo Park, California-based Sequoia Capital. CapitalG, the growth equity investment fund of Alphabet that was formerly known as Google Capital, has invested previously along with Accel, which also participated in this new round.
“Every company is looking to drive a digital transformation of their back-end systems, and UiPath is solving that pain point through AI-powered automation,” said Carl Eschenbach, partner at Sequoia Capital. “Daniel and his team have built a technology platform that will drive efficiencies and deliver tangible ROI for businesses.”
UiPath now counts over 1,800 customers in its portfolio and plans to employ 1,700 people by the end of the year working in at least 30 offices.
In the wake of its funding announcement, the rapidly growing firm will hold its UiPathForward Americas Conference in Miami on October 3-4. It is expecting 1,000 customers and partners to attend for two days of training sessions, presentations, and speeches from the likes of Techonomy founder David Kirkpatrick and Forrester Research executive Craig Le Clair.
Dines and Param Kahlon, chief product officer of UiPath, will also takes the stage to introducing new products, while more than 30 exhibitors will also showcase their AI offerings, implementation solutions, and other products in the exhibition hall.
“The era of RPA has arrived and it’s accelerating the pace of digital transformation in every area of business — from finance, HR and legal departments to customer service and marketing,” said Bobby Patrick, chief marketing officer of UiPath. “We’re focused on making sure every business of every size, and every human in every role, can benefit from automation.
Laela Sturdy, partner at long-time investor CapitalG, shares this same view for the future of both robotic process automation and UiPath’s growing stature in the market.
“We strongly believe that RPA is a primary route for organizations to benefit from AI, and UiPath is proving this potential with its unparalleled growth and incredible customer impact,” said Sturdy.