UiPath, Robotic Process Automation (RPA) software company
, UiPath, has announced a $30 million Series A investment led by Accel and participation from previous investors Earlybird Venture Capital, Credo Ventures and Seedcamp. According to the company, the funding will be used to accelerate the company’s rapid global expansion and product development.
What does UiPath do?
UiPath builds intelligent software robots that help businesses globally automate repetitive processes by leveraging computer vision technology. The company states that large organizations across every industry spend a significant amount of time and resources performing such processes across HR, finance, accounting and operations (e.g. claims handling for insurance providers, employee onboarding, back office support etc). By digitizing these processes, enterprises can improve productivity, accuracy and compliance, allowing employees to focus on more creative and strategic work.
How will it use the funding?
The company claims that it will use the money to amplify hiring in to keep up with the demand for its products in North America, Western Europe, India, Japan and South East Asia. The funding will also support continued investment in product development and Artificial Intelligence capabilities, especially around its core computer vision technology. Additionally, the company will focus on cognitive capabilities enabling organizations to handle the vast amounts of structured and unstructured data required to deliver intelligent automation.
“This investment will allow us to introduce the benefits of intelligent RPA to even more businesses around the world and remain at the forefront of a rapidly-advancing industry,” said Daniel Dines, CEO and Founder, UiPath.
“We are making work more inspiring and effective for the people that drive our businesses and economies forward, and the potential that remains untapped for organizations is what makes this such an exciting market to work in.”
Established in India, UiPath, has the bulk of the its service support team based in the country providing RPA solutions to multiple companies in various sectors, automating repetitive and rules-based tasks. the company seeks to expand its presence into more cities in India both through its business outreach and talent acquisition.
“UiPath is the backbone for the intelligent enterprise,” said Luciana Lixandru, Partner, Accel. “Daniel’s clear and ambitious vision for the company has helped drive impressive traction in a short period of time. Many enterprises around the world are recognizing how its RPA software can make their business smarter, and yet UiPath has only scratched the surface.”