UiPath raises $568 mn in series D funding

Robotic process automation company, UiPath Tuesday said it has raised USD 568 million in its Series D funding.

The round, closed at a post-money valuation of USD 7 billion, was led by Coatue and joined by Dragoneer, Wellington, Sands Capital, and funds and accounts advised by T Rowe Price Associates, Inc Accel, who led the Series A and B rounds, and CapitalG and Sequoia who led the Series C round, with participation from other existing investors, including IVP and Madrona Venture Group.

"We are at the tipping point. Business leaders everywhere are augmenting their workforces with software robots, rapidly accelerating the digital transformation of their entire business and freeing employees to spend time on more impactful work," UiPath co-founder and CEO Daniel Dines said in a statement.

Outlining the huge potential for RPA and the prospect of making India the base for automation talent globally, Raghu Subramanian, president and CEO of UiPath India said, "The opportunities for UiPath in a diverse country like India are massive, ranging from sectors like IT to BFSI and healthcare to government."

India is in a prime position to become an robotic process automation powerhouse, because of the rapid adoption of robotic process automation and artificial intelligence and the growing talent pool."

"We are committed to investing in India to realise our global vision of a robot for every person and create a talent base of over 500,000 automation-trained professionals," he added.