UiPath

UiPath is a global software company that develops a platform for robotic process automation (RPA or RPAAI).[1][2]

UiPath Inc.
Private company
IndustryRobotic Process Automation, Artificial Intelligence, Hyperautomation
Founded2005
Headquarters
New York City, NY
,
United States
Number of locations
25 Countries
Area served
Worldwide
Key people
Daniel Dines (Co-founder and CEO), Marius Tîrcă (CTO), Bobby Patrick (CMO), Param Kahlon (CPO)
ProductsUiPath Studio, UiPath Orchestrator, UiPath Robots, UiPath Process Mining, UiPath Apps, UiPath Insights
BrandsUiPath, UiPath Academy, UiPath Community, UiPath Go!, UiPath Connect
Revenue US$400M ARR
Number of employees
2,800
Websiteuipath.com

Following its acquisition of both ProcessGold and StepShot in 2019, UiPath has become the first vendor of scale to bring together both process mining and robotic process automation.[3] According to research and advisory firm Gartner, the combination of RPA with process mining, AI, machine learning and analytics is best described as hyperautomation.[4]

History

UiPath was founded in 2005 by the Romanian entrepreneurs, Daniel Dines and Marius Tîrcă. The company started from Bucharest, Romania and later opened offices in London, New York City, Bangalore, Paris, Singapore, Washington, D.C., and Tokyo.[5][6] In 2017, the company reported 590 employees and moved its headquarters to New York to be closer to its international customer base.[7] In 2016, the company had 100 customers which rose to 700 customers in 2017.[7] In 2019, UiPath crossed 5,000 customers worldwide.[8]

According to Gartner market share data, UiPath advanced from #5 in share in 2017 to #1 in share in 2018.[9]

In September 2019, UiPath was ranked #3 on the Forbes Cloud 100.[10] The company was the featured cover story of the September 30, 2019 Forbes print edition with UiPath CEO Daniel Dines called "Boss of the Bots."[11]

UiPath was ranked first in the Deloitte Technology Fast 500 on November 6, 2019.[12]

In April 2020, UiPath was named the top tech company and #2 overall in the Financial Times 1000, FT1000 ranking: Americas' fastest growing companies 2020[13][14]


Funding

In August 2015, UiPath closed an initial seed funding round of US$1.6 million led by the Earlybird Venture Capital, with Credo Ventures and Seedcamp as backers.[6]

In April 2017, UiPath received a $30 million investment in one of the biggest Series A rounds of funding in Europe, led by Accel. Previous investors Earlybird Venture Capital, Credo Ventures and Seedcamp also joined.[6]

On March 6, 2018, UiPath received a $153 million investment from Accel, CapitalG, and Kleiner Perkins Caufield & Byers, valuing the company at $1.1 billion.[15][16]

On September 18, 2018, UiPath raised $225 million in the funding round led by CapitalG and Sequoia Capital at a $3 billion valuation.[1]

On April 30, 2019, UiPath raised $568 million in a Series D round of funding led by hedge fund Coatue Management, with participation from Alphabet’s CapitalG, Sequoia, Accel, Madrona Venture Group, IVP, Dragoneer, Wellington, Sands Capital, and funds advised by T. Rowe Price & Associates. The company also now claims a valuation of $7 billion.[17]

References
  1. "With India Focus, Global Robotics Company UiPath Raises $225 Mn". Inc42 Media. September 18, 2018.
  2. "RPAAI". RPAAI. August 18, 2019.
  3. "Information Age: What UiPath's most recent acquisitions mean for its evolution". Information Age.
  4. "Gartner Top 10 Strategic Technology Trends for 2020". Gartner.
  5. "Romanian tech startup UiPath raises USD 30 mln to develop intelligent software robots". Romania-Insider.com. Retrieved March 9, 2018.
  6. "The story of UiPath – How did it become Romania's first unicorn?". business-review.eu. April 9, 2018.
  7. "Romanian Firm Emerges as Leader in Automating Business Tasks". Reuters. March 6, 2018. Archived from the original on March 6, 2018.
  8. "PwC Strategy+Business: Automation Made Easy". https://www.strategy-business.com/. Retrieved November 20, 2019. External link in |website= (help)
  9. "Gartner Says Worldwide Robotic Process Automation Software Market Grew 63% in 2018". www.gartner.com. Retrieved June 24, 2019.
  10. "Forbes Cloud 100". www.forbes.com. Retrieved September 11, 2019.
  11. "From Communism To Coding: How Daniel Dines Of $7 Billion UiPath Became The First Bot Billionaire". www.forbes.com. Retrieved September 11, 2019.
  12. "2019 Technology Fast 500 winners". www.deloitte.com. Retrieved November 6, 2019.
  13. "2020 FT1000 winners". www.ft.com. Retrieved April 6, 2020.
  14. Kelly, Maxine (April 6, 2020). "FT ranking: the Americas' fastest-growing companies". www.ft.com. Retrieved April 17, 2020.
  15. Lunden, Ingrid (March 6, 2018). "TechCrunch: UiPath Confirms $153 M at $1.1B Valuation". Retrieved March 6, 2018.
  16. "UiPath Confirms $153 M at $1.1B Valuation". March 6, 2018. Retrieved March 6, 2018.
  17. "UiPath nabs $568M at a $7B valuation to bring robotic process automation to the front office". TechCrunch.
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