New York-based UiPath, the Robotic Process Automation (RPA) software company expects to end 2018 with more than 1,700 employees, a three-fold increase in 12 months, with operations in 30 offices across 16 countries.
The company has closed its series C funding raising $225 million at a valuation of $3 billion. The round was co-led by existing investor CapitalG and new investor Sequoia Capital. Accel, which led both Series A and B rounds also participated in this round.
With a RPA developer community of more than 250,000 worldwide, the company envisions to democratize RPA and support a digital business revolution. The company announced in early July that it had increased its annual recurring revenue from $1M to $100M – a feat which it believes no other enterprise subscription software business has accomplished in such a short time. The company counts more than 1,800 global customers and is adding six new enterprise customers per day, says the release. The company also expects annual recurring revenue at the end of 2018 to increase by more than four times compared to the end of 2017.
“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 Daniel Dines, co-founder, and CEO of UiPath.
The company plans to use the additional funding to support its accelerated product development ambitions, deepen its ecosystem of partnerships to deliver complementary AI-enabled solutions, broaden the role of RPA in enterprise process automation initiatives, and invest in M&A opportunities. Democratizing RPA remains a top priority with free academy training programs, the Community Edition to enable free RPA access, and Community Forum to connect developers, customers and partners alike to accelerate the adoption of digital-era skills, says the company.