Romanian robotic process automation startup UiPath is close to sealing another round of funding between $300 million and $400 million, a Business insider reported quoting unnamed sources linked to the startup. Should this happened it will bring UiPath’s valuation to something between $6 billion and $7 billion.
To date, there is no official confirmation coming from the UiPath’s team. However, they have shortly commented that the startup has attracted so many investors over the past months. Should there be new investment, there will announce it officially.
“UiPath is experiencing tremendous growth and momentum, which is attracting an increased level of attention and interest in the company. If and when we get extra funds, we will make an official announcement”, said, a spokesperson for UiPath, local media reported.
Reportedly, the new round will be led by technology hedge fund Coatue, with the participation of T. Rowe Price and Blackstone, and as already mentioned it will bring between $300 million and $400 million to the startup in a Series D funding round.
Founded in 2005 by Daniel Dines, UiPath designs and develops robotic process automation (RPA) software. The platform offers foolproof development tool, automation of intricate processes, enhanced control, cloud and on-premise deployment, robust governance, and multiple robots on a single virtual machine. Reportedly RPA market is worth investing in, having in mind the estimations that it will reach $2.9 billion by 2021 from $507 million in 2017.
With headquarters in New York, and 14 branches throughout the world, UiPath caters to finance and banking, insurance, healthcare, telecom, manufacturing, BPOs, and shared service organizations. According to the company’s data, UiPath has 2100 customers using RPA services and over 200.000 users around the world. American Red Cross, BMW group, Carlsberg, NASA, Pandora, Japan Airlines are just a few to mention.
To date, the startup has had four funding rounds and should this one happen it will be the fifth. The most recent one, the fourth round, was just in November last year when UiPath secured a $40 million extension to its latest $225 million Series C funding round, bringing its valuation to $3 billion, thus making it the fastest growing startup in the IT industry.
The above-mentioned hedge found Coatue, that supposedly will lead the Series D funding, is a privately owned hedge fund sponsor. The firm invests in the public equity markets globally focusing on investments in technology, media and telecommunications in addition to other sectors. It employs a long/short strategy to make its investments. Coatue Management was founded in 1999 with headquarters in New York City and manages approximately $16 billion in assets on behalf of individuals, nonprofit organizations, and institutional investors.