Business Wire

CORRECTING and REPLACING UiPath Raises $225 Million Series C, Led by CapitalG and Sequoia

Del

Eleventh paragraph, third sentence of release should read: The company is backed by over $400M in funding from Accel, CapitalG, Credo Ventures, Earlybird’s Digital East Fund, KPCB, Seedcamp and Sequoia.

The corrected release reads:

UIPATH RAISES $225 MILLION SERIES C, LED BY CAPITALG AND SEQUOIA

From $1M to $100M in annual recurring revenue in less than 21 months, the company is likely to be the fastest-growing enterprise software company in history

UiPath deepens its commitment to accelerate real Artificial Intelligence (AI) outcomes through Robotic Process Automation (RPA) for organizations of all sizes

UiPath, the leading enterprise Robotic Process Automation (RPA) software company, has closed its Series C funding of $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 UiPath Series A and B rounds, also participated in this round.

UiPath is likely to be the fastest growing enterprise software company in history. The company announced in early July that it had increased its annual recurring revenue from $1M to $100M – a feat it believes no other enterprise subscription software business has accomplished in such a short time. UiPath counts more than 1,800 global customers and is adding six new enterprise customers per day; the company expects annual recurring revenue at the end of 2018 to increase by more than four times compared to the end of 2017. The company also projects that it will end 2018 with more than 1,700 employees, a three-fold increase in 12 months, with operations in 30 offices across 16 countries.

“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. “We are delighted by the strong support of our customers, partners and investors toward making this future of automation a reality. UiPath is driven by the incredible potential for our platform to be the gateway to transform our customers’ digital business operations with machine learning and AI.”

UiPath is the most widely adopted enterprise RPA platform, enabling the rapid design and deployment of software robots, or “digital workers.” The company was named a leader in The Forrester Wave™: Robotic Process Automation, Q2 2018, achieving the highest score in the “Current Offering” category and the highest possible score in “Market Presence.”

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 for UiPath, which continues to invest in free UiPath Academy training programs, a Community Edition to enable free RPA access and a Community Forum to connect developers, customers and partners alike to accelerate the adoption of digital-era skills.

The company has raised over $400 million from tier one investors, including Accel, CapitalG, Credo Ventures, Earlybird’s Digital East Fund, Kleiner Perkins Caufield Byers, Seedcamp and now Sequoia. UiPath raised its Series A in April 2017 with 200 customers at a valuation of $140 million. It raised another $153 million in March 2018 at a valuation of $1.1 billion.

Supporting Quotes

Laela Sturdy, Partner, CapitalG
“CapitalG is thrilled to deepen its commitment to UiPath. We strongly believe that RPA is a primary route for organizations to benefit from AI, and UiPath is proving this potential with its unparalleled growth and incredible customer impact. We look forward to our continued partnership with UiPath to bring this transformative technology to businesses across the globe.”

Carl Eschenbach, Partner, Sequoia
“Every company is looking to drive a digital transformation of their back-end systems, and UiPath is solving that pain point through AI-powered automation. Daniel and his team have built a technology platform that will drive efficiencies and deliver tangible ROI for businesses. We are thrilled to partner with UiPath to help accelerate their already impressive growth.”

Rich Wong, Partner, Accel
“I am continually amazed by the dynamics of the RPA and AI market. UiPath is demonstrating that they have a platform that delivers incredible customer value fast. We believe that we are at the very early stage for companies to broadly benefit from automation and AI. Accel is honored to deepen its support for UiPath as the leader in the era of true digital transformation.”

About UiPath
Built for both business and IT, UiPath is the leading platform for enterprise Robotic Process Automation (RPA). More than 1,800 business customers and government agencies use UiPath's Enterprise RPA platform to rapidly deploy software robots that perfectly emulate and execute repetitive processes, boosting business productivity, ensuring compliance and enhancing customer experience across back-office and front-office operations.

With a thriving RPA developer community of more than 250,000 worldwide, UiPath is on a mission to democratize RPA and support a digital business revolution. Based in New York City, UiPath’s presence today extends to 14 countries throughout North America, Europe and Asia. The company is backed by over $400M in funding from Accel, CapitalG, Credo Ventures, Earlybird’s Digital East Fund, KPCB, Seedcamp and Sequoia.

Contact information

Version 2.0 Communications for UiPath
Melissa Mahoney or Kristen Leathers, 617-426-2222
uipath@v2comms.com

Om Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Følg saker fra Business Wire

Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra Business Wire

GSMA Debunks False Claims Threatening Future of 5G17.6.2019 11:04:00 CESTPressemelding

The GSMA today hit out against false claims that 5G systems will harm other services, such as weather forecasting. The mobile industry has already demonstrated within leading international standards bodies that 5G can be used safely alongside other services, including weather sensing services, commercial satellite, radar and other applications using adjacent airwaves. The GSMA is confident that 5G services and weather sensing services can co-exist, and warns against giving credence to those claiming a negative impact from 5G networks on weather forecasting data. “5G and weather forecasts can and will co-exist – it’s ludicrous to suggest otherwise,” said Brett Tarnutzer, Head of Spectrum, GSMA. “To suggest that our 7-day forecast will go away with 5G is simply fake news. We cannot allow these scare tactics to prevent us from reaping the huge societal and economic benefits of 5G networks. We urge everyone to simply look at the facts and not get drawn in by misleading rhetoric.” The fact

GA-ASI’s I2C Makes Situational Awareness More Affordable Using Automation & UX-Based Design17.6.2019 11:00:00 CESTPressemelding

The new Integrated Intelligence Center (I2C) from General Atomics Aeronautical Systems, Inc. (GA-ASI) presents innovative ways to improve the user experience for operators of Remotely Piloted Aircraft (RPA) using automation and user experience-based design (UX). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190617005255/en/ The System for Tactical Archival, Retrieval and Exploitation (STARE) is a component of GA-ASI's new Integrated Intelligence Center. STARE's Common Operation Picture shows the location of ISR assets, where they can look, and what they are currently looking at. STARE's automated Processing, Exploitation, and Dissemination capabilities produces actionable intelligence faster with reduced manpower. (Graphic: Business Wire) “I2C will rapidly transform data into actionable intelligence,” said David R. Alexander, president, GA-ASI. “We see benefits to the warfighter on many fronts, including the reduction of op

Panasonic Signs Joint Business Development Agreement with Startup Linkwiz to Enhance Welding Processes in Manufacturing17.6.2019 10:03:00 CESTPressemelding

On June 17, 2019, Panasonic Corporation (TOKYO: 6752) announced that it has signed a joint business development agreement with Linkwiz, Inc. — a startup company specializing in the development and sales of autonomous robotic system software and technical consulting — to develop solutions to enhance welding processes in the manufacturing field. The agreement is being undertaken by Panasonic’s Connected Solutions Company. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190617005360/en/ Yasu Higuchi, CEO of Panasonic's Connected Solutions Company (left) and Go Fukino, President of Linkwiz, Inc. (right) (Photo: Business Wire) Under its “Gemba Process Innovation” vision, Panasonic is expanding its B2B solutions business. “The ‘gemba,’ or physical site for frontline operations, is where value is generated and problems must be confronted,” explained Yasu Higuchi, CEO of the Connected Solutions Company. “By applying our 100-years of

Norsk Titanium & QuesTek Test Additive Titanium Alloy17.6.2019 10:00:00 CESTPressemelding

Building upon the collaboration announced at Farnborough in July 2018, Norsk Titanium (Norsk) has successfully printed QuesTek’s custom titanium wire in support of initial material properties testing. QuesTek thoroughly evaluated the microstructure and measured the properties in several heat-treated conditions including various combinations of stress relief and solution treatment. Superior performance versus Ti-6-4 has been demonstrated. The highest performance condition was a basic one-hour solution treatment where an average Ultimate Tensile Strength (UTS) of 147 ksi and an average elongation of 18% was measured. This represents an increase in both strength and elongation, while maintaining fatigue performance, over standard Ti-6Al-4V. “QuesTek’s high-performance titanium alloy provides an opportunity for Norsk’s customers to optimize components printed with Norsk Titanium’s RPD™ process and opens doors for new applications,” said Norsk Chief Technology Officer Carl Johnson. The typi

H.I.G. Europe to Acquire Polyurethane Systems Business from Covestro17.6.2019 08:05:00 CESTPressemelding

H.I.G. Capital, LLC ("H.I.G."), a leading global private equity investment firm with over €26 billion of equity capital under management, is pleased to announce that an affiliate has signed a definitive agreement to acquire the European Polyurethane Systems Business (the “Company”) in a carve-out transaction from Covestro AG. The transaction is subject to clearing by the relevant antitrust authorities with closing anticipated for the second half of 2019. The European Polyurethane Systems Business operates four systems houses in Germany, Denmark, the Netherlands and Spain. It employs approximately 250 full-time employees and generates annual sales of approximately €230 million. Systems houses develop and formulate tailor-made ready-to-use chemical blends for the production of a wide range of polyurethane products such as insulation materials, foams, shoe soles, and building materials. The Company serves a wide range of small- and mid-sized customers across Europe and will be led by Dr.

Appointment of Mark Wood as Chairman of HomeServe Labs17.6.2019 08:00:00 CESTPressemelding

HomeServe plc (“HomeServe”, “the Group”), the international home repairs and improvements business, is pleased to announce the appointment of Mark Wood CBE as non-Executive Chairman of HomeServe Labs, the unit within HomeServe that developed LeakBot. HomeServe Labs is the innovation arm of HomeServe which in 2016 launched LeakBot, a patented smart leak alarm that can detect leaks anywhere on a mains water system. Water leaks are one of the major causes of claims on home insurance policies across Western Europe and the US, and LeakBot is designed specifically to help insurance companies prevent water leak claims by catching the leaks early. Craig Foster, LeakBot CEO, said: "Mark Wood is a previous CEO of AXA and a veteran of the insurance industry. This experience will really benefit us as a B2B Insuretech. Mark is also a successful entrepreneur himself, and more recently added a huge amount of value to promising fintech start-ups like PensionBee. With Mark on board as our new Chairman,