Venture Capital: Robotic Process Automotion Software Maker UiPath Raises $750M
The round valued UiPath, which is mulling an IPO, at $35 billion.
UiPath, which makes software to automate business processes, announced Monday its raise of $750 million in a Series F round co-led by Alkeon Capital and Coatue. Altimeter Capital, Dragoneer, IVP, Sequoia, Tiger Global, and funds and accounts advised by T. Rowe Price Associates, Inc., all existing investors, also participated. (Sifted)
Robotic process automation (RPA)
UiPath has the vision to automate entirely enterprises via its Automation Platform. Business customers can use UiPath to set up the whole gamut of automation within their organizations. They can build and manage automation across all their departments.
Daniel Dines and Marius Tirca founded UiPath in 2015, building on DeskOver, their decade-old software outsourcing company. It grew to a 10-employee company by 2017, and in July 2019 raised $225 million at a valuation of $10.2 billion.
UiPath currently has a workforce of 2,800 persons. It automates tasks for more than 65% of the Fortune 500 and eight of the Fortune 10, according to VentureBeat.
“Automation has become a strategic imperative that is fundamentally changing the way organizations operate,” Abhi Arun, Managing Partner at Alkeon Capital, said in a statement.
IPO or a direct listing
In December, UiPath filed confidentially for an IPO.
According to CNBC, however, which quoted unnamed people familiar with the matter, UiPath is now in a position to go for a direct listing instead of an IPO. The direct listing route allows existing shareholders and employees to sell shares to new investors. No proceeds accrue to the company itself.
UiPath and Databricks are among the top tech IPOs expected in 2021. They could notch up a huge response from investors.
Databricks, which creates software to help companies process large amounts of data in the cloud, also announced Monday that it raised $1 billion at a valuation of $28 billion.
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