UiPath
Daniel Dines, CEO of UiPath.
- UiPath has raised $568 million in a Series D round of funding led by Coatue, with participation from Dragoneer, Wellington, Sands Capital, and T. Rowe price, the company announced Tuesday.
- The round values UiPath at $7 billion, confirming Business Insider's earlier reporting, and likely making it the most valuable artificial intelligence startup in the world.
- UiPath sells robotic process automation software which helps companies automate mundane, repetitive computer tasks that would normally be done by humans.
- Read more on the Business Insider homepage.
UiPath, a swiftly-growing automation software company, has raised $568 million at a $7 billion valuation, the company announced Tuesday.
The Series D round was led by hedge fund Coatue, with participation from Dragoneer, Wellington, Sands Capital, and T. Rowe Price. Venture capital firms Accel, CapitalG and Sequoia, who are all earlier investors in the startup, also participated in the round.
The announcement confirms earlier reporting from Business Insider.
At $7 billion, UiPath officially surpasses Chinese firm SenseTime as the world's most valuable artificial-intelligence startup. SenseTime was last valued at $4.5 billion in a June funding round.
UiPath does robotic process automation, which means it uses software to carry out mundane, repetitive tasks, such as extracting data from bank statements for accounting purposes, to free up human workers.
Read more: Leaked numbers reveal massive revenue growth at UiPath
UiPath, headquartered in New York, was founded in 2005 in Romania by Daniel Dines, a former Microsoft employee. The company lists Google, Uber, American Fidelity and the US Navy among its most recent flagship customers.
The new funding comes less than a year after UiPath announced a $225 million Series C round, led by CapitalG (formerly Google Capital) and Sequoia, that valued the company at $3 billion.
With the large funding rounds has come a ton of growth. Sources told Business Insider back in January that the firm would soon hit $200 million in annual recurring revenue, up from $3.5 million in 2016.