iPath, a company founded in Bucharest and based in New York has announced a considerable $220 millions Series E investment, bringing its valuation up to the gigantic sum of $10.2 billions, thus becoming the first romanian founded startup to reach over $10 billions in valuation.
This round of investments was led by Alkeon Capital with the help from Accel, Coatue, Dragoneer, IVP, Madrona Venture Group, Sequoia Capital, Tencent, Tiger Global, Wellington and T. Rowe Price Associates.
At the moment we’re writing this article, UiPath has around $1,225 billions in total investments.
According to techcrunch.com, the presence of investors like Wellington is a clear sign that the company will go public at some point in the near future.
UiPath has already declared that the company wants to go public and Daniel Dines, the CEO, has already set his eyes on a possible 2021 launch.
“We’re evaluating the market conditions and I wouldn’t say this to be vague, but we haven’t chosen a day that says on this day we’re going public. We’re really in the mindset that says we should be prepared when the market is ready, and I wouldn’t be surprised if that’s in the next 12-18 months,” Dines said.
UiPath - paths all the way back to Bucharest
UiPath was founded in Bucharest in 2005, providing outsourcing automation libraries and software.
In 2015, UiPath made the RPA (Robotic Process Automation) its centerpiece and has begun to grow ever since.
In 2018, the startup landed a Series C investment worth of $265 millions bringing its valuation to $3 billions. Back then it had around 1,700 customers.
In 2019, UiPath has landed another $568 millions from Coatue Management, Dragoneer Investment Group, Wellington Management. Today, it has over 7,000 customers, including big names such as Facebook, Google and Uber.
UiPath - what’s the next path?
The company will use the funds to expand the investments in research and development, as they announced in an official press release.
“This funding allows us to accelerate our platform ambitions to meet mounting customer demands and scale the tremendous opportunity to bring automation to one billion citizen developers – resulting in every business finally becoming a software business. We will advance our market-leading platform and will continue to deepen our investments in AI-powered innovation and expanded cloud offerings. COVID-19 has heightened the critical need of automation to address challenges and create value in days and weeks, not months and years. We are committed to working harder to help our customers evolve, transform, and succeed fast in the new normal.” the CEO, Daniel Dines, said.
UiPath has become the first romanian unicorn but now they are on the verge of becoming the next big thing.
With customers such as Facebook, Google, Uber, the future of the company sure seems profitable.
Even though more and more companies are starting to see profit in automation, the investors are sure that UiPath will lead the way into more efficient and more powerful automation services than any other competitors.
”Automation, similar to cloud computing, has become a strategic imperative that is fundamentally changing the way organizations operate. UiPath’s leading-edge, mission critical product combines scalable software with an intuitive user interface enabling companies globally to accelerate their digital transformation efforts. UiPath is one of the fastest growing enterprise software companies in technology history and we’re excited to partner with them for years to come, as they deliver the most advanced and disruptive automation platforms of the modern enterprise.” said Abhi Arun, General Partner at Alkeon.
UiPath has found the right path and now they seem more ready than ever to go public.
What do you think?
Is it the right time?
Should the company wait one more year?
Let us know in the comments.