Robotic process automation (RPA) platform UiPath has announced it has closed a $750m series F funding round at a staggering post-money valuation of $35bn. UiPath recorded sales of $360m in its last financial year and it is clear that investors are betting big that the firm, along with other RPA vendors, can continue the momentum as enterprises look to automate their back office functions.
The round was co-led by existing investors Alkeon Capital and Coatue, and included returning investors Altimeter Capital, Dragoneer, IVP, Sequoia, Tiger Global, and funds and accounts advised by T. Rowe Price Associates, Inc.
UiPath claims to be ‘on a mission to unlock human creativity and ingenuity by enabling the fully automated enterprise and empowering workers through automation.’ Its automation platform is designed to transform the way humans work, providing customers with a robust set of capabilities to discover automation opportunities and build and manage automations across departments within an organisation.
Abhi Arun, managing parter at investor Alkeon Capital, said: “Automation has become a strategic imperative that is fundamentally changing the way organisations operate. We are excited to co-lead this round of funding, as well as continue to team up with the UiPath team during an important phase for the company.”