UiPath, the enterprise Robotic Process Automation (RPA) software company founded by Romanian entrepreneurs Daniel Dines and Marius Tirca, has closed a $225mn series E funding round, which put its value at $10.2bn.
The funding and the new valuation, about $3bn higher than the previous round, were accelerated by the COVID-19 crisis, during which demand for software and automation robots exploded, according to Dines.
The new funding brings its total raised to over $1.2bn. The series E investment round was led by Alkeon Capital Investment Fund. Accel, Coatue, Dragoneer, IVP, Madrona Venture Group, Sequoia Capital, Tencent, Tiger Global, Wellington and T. Rowe Price Associates Inc. also participated in the financing.
The last round took place in April 2019 and valued the company at $7bn.
Dines says the new funding will be used to scale UiPath’s platform and deepen its investments in “AI-powered innovation” as it expands its cloud software-as-a-service (SaaS) offerings. The round will also likely lay the groundwork for future strategic deals, following UiPath’s acquisition of startups StepShot and ProcessGold last October.
The company has announced that it is now accelerating its plans for an initial public offering (IPO) in the light of COVID-19. Dines announced in February that the company was considering an IPO.
"We were thinking of a listing at the end of 2021 or 2022, but COVID-19 has accelerated our plans," Allison Webster, a UiPath spokeswoman, told Bloomberg.
The company announced that it has reached recurring annual revenues of over $400mn, compared to $100mn previously.
Founded in Romania in 2005 under the name DeskOver and renamed UiPath in 2015, the company has added the CIA, the US Navy, McDonald's Corp, Duracell and Swiss Re among its clients. In 2018, it became the first startup founded in Romania to acquire unicorn status (over $1bn valuation).