UiPath once again has proved just how valuable business automation is by raising another nine-figure funding round, bringing the company’s valuation to $35 billion.
On Monday, UiPath announced the closing of its $750 million Series F funding round, which was led by Alkeon Capital and Coatue. This funding comes less than a year after the company raised $225 million in its Series E round, and less than two years after the company raised $568 million in its Series D.
UiPath had a valuation of $10 billion when it raised its Series E last year, so this new round brought up the company’s value by over 3x. This speaks to investor sentiment toward UiPath’s robotic process automation software.
“Automation has become a strategic imperative that is fundamentally changing the way organizations operate,” Abhi Arun, managing partner of UiPath investor Alkeon Capital, said in a statement. “We are excited to co-lead this round of funding, as well as continue to team up with the UiPath team during an important phase for the company.”
The company has created software that makes it easy for non-engineers to configure software to emulate their jobs. There’s often a lot of repetition in the actual work most people do as they go about their day-to-day tasks at work. So by training UiPath’s software to perform these repetitive steps, businesses and their employees can save a lot of time and money.
While this may trigger the “robots are stealing our jobs” response from some people, UiPath software makes doing your job a lot more efficient. One trade credit insurance company previously had to gather information manually from its 50,000-plus clients. But after adopting UiPath’s robotic process automation software, the company was able to save an average of 2,440 hours of human work a month. That time was then spent doing things that robots can’t do, like interacting directly with customers.
While UiPath did not specifically disclose what this new funding will be used for, it follows years of rapid growth for the company and sets it up to continue that momentum.