iPath disrupted all markets with their RPA (Robotic Process Automation) system. Simply put, they made it easier for anyone to automate the tedious, repetitive tasks we all struggle with in the workplace.
And their history is inspiring. They started back in 2005, and haven’t stopped growing since.
“We started in 2005 as a 10-people team based in Bucharest, led by Daniel Dines. In the beginning, we outsourced automation libraries and software to some of the world’s biggest companies. Fast-forward to 2015. We launched free courses for UiPath Academy and started teaching RPA to over 35,000 now certified developers, propelling our rocketship growth.
Today, we have 5,000+ enterprise customers and have raised over $920M to a valuation of $7 billion. And the best is yet to come.”
As you know, UiPath is still going strong.
And they have big plans for the future.
“Bill Gates used to talk at Microsoft about a computer in every home. I want a robot for every person.” - Daniel Dines, UiPath CEO
Bloomberg stated that they have insider information about UiPath’s plans to raise even more funds, totalling their valuation at $10 billion, but the company has refused to comment on the matter.
Whether or not that’s what they’re planning to do, you should know it isn’t far from what they achieved last year. In April of 2019, UiPath closed a financing round totaling $568 million from Coatue Management, Dragoneer Investment Group, Wellington Management and others.
The current economic landscape benefits companies like UiPath, so raising capital for rapid growth makes sense. In the wake of the CoVid crisis, many companies sought automation solutions to cut costs and stay afloat with diminishing demand for their products.
But it’s not like UiPath was doing bad in any way. Some of their clients include the US Navy, The CIA, and McDonald’s.
According to their own website: “UiPath is the fastest-growing enterprise software company in history. The employee base grew to over 2,900 employees today, across 25+ offices. In 2019 UiPath was named a leader in the Gartner Magic Quadrant for Robotic Process Automation Software.” On top, they have a 4x growth year by year.
So you can see why investors might as well be interested in another successful round.
Especially considering how their market is expected to grow.
But to dig deeper into that…
What is Robotic Process Automation?
RPA is a subset of Business Process Automation that creates metaphorical bots with specific tasks. More often than not, you’ll be able to use them to emulate a human doing repetitive tasks.
Broadly, this is what RPA bots can do:
- Log into apps
- Connect with APIs
- Do data processing
- Move files around
- Extract content from documents
- Scrape the web for data
- Read and write databases
And a lot of other stuff.
UiPath rose to prominence in this medium due to their versatile framework for developing bots. On top, as you can guess, there’s no shortage of potential clients. Any company can use the RPAs to increase efficiency and productivity.
But UiPath is not the only player in town.
Blue Prism Group is a big name in the industry too, and they went public in 2016. Softomotive Ltd is a smaller, UK-based company that was acquired by Microsoft recently.
So there is some wiggle room in the industry.
But so far, UiPath has dominated the scene.
Now we bring it back to you.
Could your work benefit from something like UiPath?
Let us know down below!