UiPath, which has a valuation of more than $1.1 billion after the capital influx, said it will use the financing to further advance its products, including investments in artificial intelligence and machine learning algorithms.
The funding will also help the New York-headquartered UiPath expand geographically. In the first quarter of 2018, the company, which was founded in Romania, plans to open new offices in Washington, Paris, Amsterdam, Seoul, Munich, and Houston.
“In one short year, we’ve watched as the company’s business performance has exploded.” – Rich Wong, partner at Accel
Accel, a Palo Alto, California-based capital venture fund, has now led both the series A and B rounds. Fund partner Rich Wong will become the second Accel executive to join the UiPath board of directors, joining partner Luciana Lixandru.
“Accel had the great fortune to lead UiPath’s series A investment in 2017, and we are excited to deepen our partnership with UiPath with today’s financing,” said Wong. “In one short year, we’ve watched as the company’s business performance has exploded, amassing hundreds of new customers as RPA has become one of the fastest-growing categories in enterprise.”
UiPath said in a statement that it sees the inclusion of first-time investor CapitalG as a “substantial endorsement for the technical capabilities of UiPath” and a gateway to working with Google technical advisors to “continue advancing top-rated” artificial intelligence and machine learning capabilities.
Kleiner Perkins, another first-time investor, “provides yet another top-tier venture capital firm endorsement and will provide deep expertise and mentorship to support UiPath’s accelerating growth,” added UiPath.
In addition to the company’s recently updated software robotics platform and the overall potential of the RPA market, UiPath credits its rapid growth for its ability to attract such a large funding round. It notes that it grew from 100 customer to more than 700 last year, adding marquee and diverse names to its client portfolio such as BMW Group, Huawei, Morningstar, and CenturyLink.
Daniel Dines, co-founder and CEO of UiPath, said that “RPA is proving to be an unrivaled technology for driving real digital transformation” and expressed his gratitude for the ongoing support of Accel.
“With the substantial commitment today by Accel, CapitalG, and Kleiner Perkins, we are deepening our resolve to accelerate the delivery of AI through the UiPath platform, helping organizations and workers quickly become more sophisticated in everything they do,” said Dines.