This week UiPath announced a Series E round for $225 million at a $10.2 billion valuation. The lead on the deal was Alkeon and the other investors included Accel, Coatue, Dragoneer, IVP, Madrona Venture Group, Sequoia Capital, Tencent, Tiger Global, Wellington, and T. Rowe Price Associates.
UiPath is the leader in the RPA (Robotic Process Automation) space, with ARR (Annual Recurring Revenues) of more than $400 million. RPA technology allows for automation of tedious and repetitive corporate processes. The segment is also the fastest growing in the enterprise software market.
“Their growth story is pretty simple, but often gets lost in Silicon Valley as we all strive for the shiny new object,” said Pankaj Chowdhry, who is the CEO of FortressIQ. “They provide a great product that helps their customers get more out of their existing legacy investments.”
The irony is that the core technology for RPA is based on something fairly simple: screen scraping. This makes it possible to replicate a user’s input patterns with applications.
Adib Ghubril, a research director at Info-Tech Research Group, shares his perspective in this article.