US RPA startup UiPath raised USD 400 mln in series D funding

UiPath, founded in 2005, has raised USD 409 million to date, meaning the new round of capital will double the total capital invested in the startup, as well as its valuation. Its USD 225 million Series C, raised just six months ago, valued the business at USD 3 billion, according to PitchBook. UiPath is backed by top-tier investors CapitalG and Sequoia Capital, which co-led its Series C, as well as Accel, Credo Ventures and Earlybird Venture Capital, among others.

UiPath develops automated software workflows meant to facilitate the everyday tasks within business operations. The company began raising private capital in 2015 and has since experienced rapid growth of its valuation and annual recurring revenue (ARR). UiPath garnered a USD 1.1 billion valuation with its Series B in March 2018, more than doubled it with its Series C and is again seeing a 2x increase in value with this latest round. This is a result of its swelling ARR.