UiPath, a NYC-based enterprise Robotic Process Automation (RPA) software company, closed a $225m Series C funding.
The round, which valued the company at $3 billion, was co-led by existing investor CapitalG and new investor Sequoia Capital. Accel, which led both UiPath Series A and B rounds, also participated in this round.
The company, which is backed by over $400M in funding raised to date, plans to use the funds to accelerate product development, deepen its ecosystem of partnerships to deliver complementary AI-enabled solutions, broaden the role of RPA in enterprise process automation initiatives and invest in M&A opportunities.
Led by Daniel Dines, co-founder and CEO, UiPath is a platform for Enterprise Robotic Process Automation (RPA). More than 1,800 business customers and government agencies use its Enterprise RPA platform to deploy software robots that emulate and execute repetitive processes, boosting business productivity, ensuring compliance and enhancing customer experience across back-office and front-office operations.
The company is also continuing to invest in free UiPath Academy training programs, a Community Edition to enable free RPA access and a Community Forum to connect developers, customers and partners alike to accelerate the adoption of digital-era skills.
UiPath has grown annual recurring revenue from $1M to $100M in less than 21 months serving more than 1,800 global customers. The company projects that it will end 2018 with more than 1,700 employees, a three-fold increase in 12 months, with operations in 30 offices across 16 countries.