A robotics process automation (RPA) startup has just secured a $3 billion valuation as B2B FinTech continues to explore how the technology will disrupt the market. A press release issued Tuesday (Sept. 18) said CapitalG and Sequoia Capital led the $225 million Series C round for UiPath.
The funding, which also saw Accel participate, followed only a few months after the company raised $153 million, pulling UiPath's valuation up to $1 billion. The latest investment means UiPath has tripled its valuation in less than six months, reports noted.
UiPath's RPA technology links businesses with software that can deepen their automation capabilities beyond less sophisticated automation solutions. Reports pointed to corporate processes like accounts payable (AP), procurement and reconciliation as key areas that are prime for RPA disruption, particularly as the technology negates the need for businesses to replace their existing systems.
In its announcement, UiPath pointed to its accelerated growth, which saw its annual revenues spike from $1 million to $100 million, though it did not indicate how quickly it achieved that milestone. Still, the company said it could become "the fastest growing enterprise software company in history." At present, the startup has 1,800 corporate customers averaging six new clients added each day. By the end of the year, the company expects its annual revenues to have quadrupled from 2017 levels.
“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 UiPath Co-founder and CEO Daniel Dines in a statement. “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 did not specify what it plans to do with the latest funding round.