UiPath, a robotic process automation software developer, has raised $225m in its Series C, valuing the company at $3bn.
Existing backed CapitalG co-led the round with new investor Sequoia Capital. Participation also came from Accel, which led the Series A and B rounds of UiPath. The company Series B collected $153m earlier in the year and valued the company at $1.1bn.
Launched in 2015, 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 New York-headquartered company 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.
UiPath recently revealed it had increased its annual recurring revenue from $1m to $100m. The company currently has over 1,800 global customers and is adding six new enterprise customers a day, the company said.
This capital injection will be used to further product development, increase partnerships to bolster AI solutions and invest in M7A opportunities. Funds will also be used to increase its role in process automation initiatives.
CapitalG partner Laela Sturdy said, ?CapitalG is thrilled to deepen its commitment to UiPath. We strongly believe that RPA is a primary route for organizations to benefit from AI, and UiPath is proving this potential with its unparalleled growth and incredible customer impact.
?We look forward to our continued partnership with UiPath to bring this transformative technology to businesses across the globe.p>
UniPath Series A closed last year on an undisclosed amount, but the round valued the company at $140m. To date, the company has raised more than $400m in equity funding.
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