Robotic process automation (RPA) provider UiPath launched a $20 million fund and a new marketplace this week to encourage bot development within its platform.
By offering the financial incentive to its clients and partners, the New York-headquartered company hopes to drive further innovation in the various applications of its RPA solutions and other cognitive technologies.
Photo: One of the panel sessions discussing RPA at UiPath Partner Forward in Miami. (Credit: Jared Wade)
Chris Morgan, global vice president of partners and alliances at UiPath, said the initial $20 million investment aims to start “fueling an ecosystem” that will ramp up the speed of automation development.
“UiPath is making a serious commitment to both accelerate our partners RPA and AI capabilities and their ability to deliver vertically oriented solutions,” said Morgan during the company’s UiPath Partner Forward event this week in Miami.
The $20 million will be available in 2019 across two separate funds. The “UiPath Venture Innovation Fund” is reserved for partners focused on artificial intelligence with expertise in machine learning, business process management, chatbots, and process mining, among other relevant areas.
The “UiPath Partner Acceleration Fund” has similar goals to support automation and AI development that will “complement technology investments and accelerate enterprise-wide RPA adoption,” according to the company.
The company, which has seen rapid growth from some $360 million in investment funding across two financing rounds in 2018, also launched the new UiPath Go marketplace that it hopes will further expand its RPA community of partners and developers. The marketplace is free and allows those developing bots and automation tools to share their solutions and exchange ideas.
By accessing community-tested solutions, those using the marketplace can download various automations, connect with training resources, and engage with the wider community of users.
“Absolutely everyone — from our customers and partners to developers, innovation labs, nonprofits and higher education — benefits from RPA knowledge-sharing to accelerate the pace of automation and productivity in the workplace,” said Daniel Dines, CEO and co-founder of UiPath.
In addition to these two launches, UiPath also formalized a new “academic alliance” that it hopes will begin training one million students in RPA across 1,000 elementary schools, high schools, and universities over the next three years.
The announcements were both made during the company’s UiPath Partner Forward conference in Miami, an event that saw around three times the attendance as a similarly themed outing held a year earlier in New York.