Sequoia, CapitalG lead $225m series-C for UiPath
Sequoia Capital and CapitalG have led a $225m series-C funding round for UiPath, a robotic process automation software company.
The funding was co-led by existing investor CapitalG, with new investor Sequoia Capital joining the round. Accel Partners, which led both UiPath's series-A and B rounds, also participated in this round.
The latest funding round gives the company a valuation of $3bn. It has increased its annual recurring revenue from $1m to $100m in less than 21 months, according to a statement.
In total, the company has raised around $400m from tier one investors including Accel, CapitalG, Earlybird Venture Capital's Digital East Fund, Kleiner Perkins, Credo Ventures, Seedcamp and now Sequoia.
Previous funding
Earlybird, Credo and Seedcamp structured a round of growth capital funding for UiPath in July 2015, according to Unquote Data.
Accel led a $30m series-A funding round for the company in May 2017. Previous investors Earlybird, Credo and Seedcamp also took part in the round.
In March 2018, previous investor Accel led a $153m series-B funding round for UiPath. New investors CapitalG and Kleiner Perkins participated as well, along with seed investors Earlybird (via its Digital East Fund), Credo and Seedcamp.
In total, the company has raised more than $400m in venture capital, according to a statement.
Company
Established in 2012, UiPath is a developer of robotic process automation software. It aims to cut corporate spending on HR, finance, accounting and operations through digitalisation.
The company was headquartered in Bucharest but recently moved its base to New York. It operates additional offices in the UK, India, Singapore and Japan. UiPath employs a staff of 590 in 14 countries.
UiPath's customer base has grown to around 1,800, according to the firm. These include BMW Group, CenturyLink, Dairy Farm Group, Dentsu, Huawei, Morningstar and Sumitomo Mitsui Financial Group.
People
UiPath – Daniel Dines (co-founder, CEO).
Sequoia Capital – Carl Eschenbach (partner).
CapitalG – Laela Sturdy (partner).
Accel Partners – Rich Wong, Luciana Lixandru (partners).
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