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UiPath raises $568 million in series D funding round

twitter-logo PTI        Last Updated: April 30, 2019  | 17:33 IST

New Delhi, Apr 30 (PTI) US-based IT company UiPath Tuesday said it has raised USD 568 million at a total valuation of USD 7 billion in series D investment round led by Coatue. "UiPath is blazing a path to an 'automation first' era, closing its Series D investment round, raising USD 568 million at a post-money valuation of USD 7 billion, led by Coatue," the company said in a statement. The lead investor was joined by "Dragoneer, Wellington, Sands Capital, and funds and accounts advised by T Rowe Price Associates, Inc, Accel, CapitalG, Sequoia, IVP and Madrona Venture Group". The company, which provides robotic process automation, said it will invest in India to train 5 lakh people on its technology. "India is in a prime position to become an RPA powerhouse, because of the rapid adoption of RPA (robotic process automation) and AI and the growing talent pool. We are committed to investing in India to realize our global vision of 'A Robot for Every Person' and create a talent base of over 5,00,000 automation-trained professionals," Raghu Subramanian, President and CEO of UiPath India said. Recent customer additions include American Fidelity, BankUnited, CWT (formerly known as Carlson Wagonlit Travel), Duracell, Google, Japan Exchange Group (JPX), LogMeIn, McDonalds, Quest Diagnostics, Uber, US Navy, Virgin Media, World Fuel Services. UiPath claimed to one of the fastest growing and highest-valued AI enterprise software companies worldwide at the valuation of USD 7 billion. "In 24 months, RPA and AI leader has grown annual recurring revenue from USD 8 Million to over USD 200 Million, and valuation from USD110 Million to USD 7 Billion," UiPath said. PTI PRS BAL

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