UiPath said to net $120m at $1bn+ valuation

UiPath, a robotic process automation developer, has reportedly closed a $120m investment, at a valuation of over $1bn.

The company raised the Series B from both existing and new investors, with Kleiner Perkins Caufield Byers believed to have taken part, according to a report by TechCrunch which cites various sources close to the company.

New York-headquartered UiPath develops RPA solutions, using cognitive AI and predictive analytics to support companies with process automation. The solution is implemented by a range of industries including, finance and banking, insurance, healthcare, the public sector, telecom, manufacturing and BPO.

The company’s technology can be implemented for automating accounts payable, claims processing, contact centres, finance and accounting, and healthcare payers. For financial services the company can also ensure the business is in line with regulations, through retail fraud detection, credit assessments and underwriting.

Capital from the funding round will be used to further growth of the company and product, the article said. The company’s previous funding round was a $30m investment, which valued the company at $109m, the report states.

Last year, Kleiner Perkins led the $40m Series B investment in to the e-commerce platform Tulip. The company helps retailers gain real-time access to consumer preferences, product selection, communications and sales checkout.

Security technology companies dominated the infrastructure and enterprise software sector in terms of total investments, according to data by FinTech Global. The sub-sector collected $2.6bn, which represents 47 per cent of the total capital invested in the sector.

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