UiPath raises $225 mn funding led by Capital G and Sequoia
UiPath, an enterprise robotic process automation (RPA) software company, Tuesday said it has raised USD 225 million, led by existing investor CapitalG and new investor, Sequoia Capital.
Proceeds from the series C round, which valued the company at USD 3 billion and saw participation from Accel as well, will be used to strengthen its Indian operations by increasing the workforce from 250 to 1,200 by end of 2019, UiPath said in a statement.
The company, which had in July said its annual recurring revenue has increased from USD 1 million to USD 100 million, has more than 1,800 global customers.
"This is a milestone development that is going to change the market dynamics and play an important role in our expansion plans in India," said Raghunath Subramanian, President and CEO (India and APAC), UiPath.
The company plans to use the additional funding to support its accelerated product development ambitions, deepen its ecosystem of partnerships to deliver complementary AI-enabled solutions, broaden the role of RPA in enterprise process automation initiatives, and invest in targeted M&A opportunities, he added.
The funding will also see a major expansion of the company's operations in India.
UiPath plans to strengthen its Indian operations and product development capabilities by increasing the workforce from 250 to 1,200 by end of 2019.
The funding will also be utilised for expanding presence to eight Indian cities including, Chennai, Pune, Hyderabad and Kolkata, while ramping up workforce across all functions in Bengaluru, Mumbai, and Gurugram.
The company has raised over USD 400 million from investors including Accel, CapitalG, Earlybird's Digital East Fund, Kleiner Perkins Caufield Byers, Credo Ventures, Seedcamp and now, Sequoia.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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