We recently announced our Series C funding round of $225M, co-led by Sequoia Capital and CapitalG. This recent round, which brings our valuation to $3B, is a testament to our leadership in the red-hot RPA space and we are proud to be potentially the fastest-growing enterprise software company of all time.
Our success is in large part due to our investors, who are helping us change the way we work with AI-powered automation.
Carl Eschenbach, a partner at Sequoia and lead investor in our Series C round, recently sat down with us to discuss why Sequoia partnered with UiPath and how he views our potential to fuel digital transformation and usher enterprises into the future of work.
Sequoia just co-led UiPath’s Series C round. What about RPA led you to invest?
The RPA market is accelerating at an unbelievable rate. Like many emerging industries, RPA used to be a push market -- meaning that RPA vendors had to push their products and services in front of their target audiences. Very quickly we’ve seen that dynamic change. With mounting enterprise interest in RPA, and also the rapidly growing realization that RPA provides a very real path for customers to benefit from AI, there’s no question that UiPath is now operating in a pull market. As an investor, that’s impossible to ignore.
Why did you choose to back UiPath, as opposed to other RPA players?
We took a deep dive into the RPA market and determined that UiPath undoubtedly possesses the most impressive technology, product roadmap, and capabilities to set businesses on the path to enterprise-scale AI.
More than that, though, we were blown away by Daniel Dines and the team he has built at UiPath. Daniel is an extremely compelling co-founder and CEO. He’s done an amazing job recruiting some of the industry’s top talent from around the world. What’s really remarkable is that even though UiPath has a decentralized workforce, the team operates as if they were all in one location, collaborating closely to build something really special together.
I think that a major reason why UiPath’s team is so effective is that they are all working with the same customer-first mentality. After speaking to many of their customers, it was clear that UiPath has the best support for customers on a global basis compared to other market players. UiPath’s global footprint at this stage of maturity is extremely impressive.
Companies around the world are hyper-focused on digital transformation. How do you think RPA helps enterprises advance their digital transformation initiatives?
To experience digital transformation, businesses need to consider all the resources at their disposal and how they can use those resources to operate as efficiently and effectively as possible. By delegating manual, mundane tasks to automation solutions like RPA, organizations can free up their people to focus on more mission-critical tasks.
And because UiPath’s RPA technology integrates so quickly and seamlessly with existing systems common in most enterprises, businesses are able to realize the potential for a more productive workforce almost immediately.
How do you think UiPath will impact the way we work in the next year? In the next 5-10 years?
UiPath is driving a new era of productivity that has yet to be imagined. UiPath has already proven that it dually enables enterprises to drive top-line revenue growth and bottom-line efficiency. We are only in the early innings of adoption, and we can expect revenue growth and savings to accelerate and become more and more significant in the years ahead. We at Sequoia couldn’t be more excited to work with UiPath to help businesses across the globe transform their back-end systems.