THE BILLION DOLLAR CLUB
UiPath, a leading enterprise robotic process automation (RPA) software company, has raised US$153 million in Series B funding following a year of record growth. Launched in 2015, UiPath is the most widely used Enterprise RPA platform in the world.
In 2017, UiPath’s enterprise customer base grew from less than 100 to more than 700, resulting in 8x growth in annual recurring revenue.
Launched in 2015, UiPath has become the most widely adopted Enterprise RPA platform. “The company’s software enables the rapid design and deployment of software robots (digital workers) that perfectly emulate and execute repetitive processes” explains Raghunath Subramanian, President and CEO of UiPath India & Asia Pacific.
Our company’s software enables the rapid design and deployment of software robots (digital workers) that perfectly emulate and execute repetitive processes
“RPA ultimately boosts business productivity, ensuring compliance and enhancing customer service across both back-office and front-office operations” he adds.
“The RPA solution and future will transform the way we work” says Raghu, as he is fondly called in the industry. “UiPath raised US$153 Million Series B which was led by Accel. New investors include CapitalG and Kleiner Perkins Caufield & Byers. UiPath seed investors - Earlybird’s Digital East Fund, Credo Ventures and Seedcamp - also participated significantly in the round.”
When asked about the record growth in the RPA sector, Raghu says that this is a validation that this sector will continue to grow even further. “RPA is now seen as a strategic imperative for digital transformation and path to Artificial Intelligence.” Raghu says.
“Our company’s software enables the rapid design and deployment of software robots (digital workers) that perfectly emulate and execute repetitive processes, boosting business productivity, ensuring compliance and enhancing customer service across both back-office and front-office operations,” he says.
Indeed the growth has been phenomenal. “Our new customers include BMW Group, CenturyLink, Dairy Farm Group, Dentsu, Huawei, Morningstar and Sumitomo Mitsui Financial Group."
Training people to be competent in the sector is also crucial. That is why UiPath has created a learning system that enables practitioners to upskill in this regard. “UiPath has also cultivated a thriving community of more than 120,000 RPA developers worldwide, all of whom are benefiting from the company’s philosophy to democratize RPA."
"This is done by making its software easily available online and providing self-led, advanced training and certification through the UiPath Academy. Best of all, it is free of charge,” he adds.
The company now employs more than 590 professionals across 14 countries. “And with UiPath Academy built online, access to this system not only allows their customers to add their knowledge in the sector, it also allows UiPath staff to assist our clients around the world quite easily,” says Raghu.
WHAT WILL THE NEW FUNDS BE USED FOR?
The company says that the new financing will be used to accelerate the company’s product roadmap, particularly innovations that integrate machine learning (ML) and Artificial Intelligence (AI) algorithms within customers’ digital business operations. “UiPath will also continue expansion of its global operations with new offices in Amsterdam, Houston, Munich, Paris, Seoul and Washington D.C. this quarter” explains Raghu.
“We will also be firming up our offices in the Southeast Asian region, particularly in Jakarta, Bangkok, Kuala Lumpur and Manila. There will also be sizeable focus to grow the business in Vietnam as well."
Accel led both Series A and Series B funding round. “Our funder, CapitalG, whose participation is a substantial endorsement for the technical capabilities of UiPath, opens the door to working with Google technical advisors to continue advancing top rated AI and ML capabilities” says Raghu.
“Kleiner Perkins provides yet another top-tier venture capital firm endorsement and will provide deep expertise and mentorship to support UiPath’s accelerating growth."
Watch the full interview with UiPath’s Raghunath Subramanian below.