We are thrilled to announce our follow-on investment in UiPath, the industry leader in Robotic Process Automation, as part of their $153m Series B in a round led by Accel. The new funding pushes the Romanian-founded business to a valuation the eclipses $1.1bn, making it the second European unicorn to emerge from our portfolio.
We were part of the first investment into UiPath in 2015 as part of their seed round and are blown away by the company’s growth – already the most widely adopted Enterprise RPA platform just three years from launch. The 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.
In 2017, UiPath’s enterprise customer base grew from less than 100 customers to more than 700, resulting in 8x growth in annual recurring revenue. New customers include BMW Group, Dairy Farm Group, Dentsu, Huawei, and Sumitomo Mitsui Financial Group. 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 by making its software easily available online and providing self-led, advanced training and certification through the UiPath Academy.
The new financing will be used to accelerate the company’s product roadmap, particularly innovations that integrate machine learning and AI algorithms within customers’ digital business operations. UiPath will also continue expansion of its global operations with new offices in Amsterdam, Houston, Munich, Paris, Seattle, Seoul and Washington D.C. this quarter. The company now employs more than 590 professionals across 14 countries.
On the investment Seedcamp Managing Partner, Reshma Sohoni, comments, “We were fortunate to meet Daniel early on in UiPath’s journey and are quite simply wowed by the results the team have produced in such a short period of time. Daniel’s vision, to use RPA to drive digital transformation, has positioned UiPath at the forefront of a whole new category and the quality of their offering is clear to see from their phenomenal growth and huge inbound demand from major organizations. We are thrilled to continue our relationship with the UiPath team and support their further growth.”
UiPath co-founder and CEO, Daniel Dines, comments, “I am thrilled to have such a strong set of investors and thought leaders supporting UiPath. RPA is proving to be an unrivalled technology for driving real digital transformation and delivering better business outcomes incredibly fast. With our tremendous growth in 2017, it is now clear that every organization in the world can benefit significantly from RPA. With the substantial commitment today by Accel, CapitalG and Kleiner Perkins, we are deepening our resolve to accelerate the delivery of AI through the UiPath platform, helping organizations and workers quickly become more sophisticated in everything they do.”
We are delighted to invest alongside new investors CapitalG and Kleiner Perkins Caufield & Byers along with seed investors Earlybird’s Digital East Fund and Credo Ventures and of course Accel who led both the Series A and now Series B raises.