Software maker UiPath raises funds at $35B valuation

UiPath Inc. has raised $750 million in a fundraising round that values the automation software maker at $35 billion. The round was led by Alkeon Capital and Coatue, according to a statement Monday that confirmed an earlier Bloomberg News report. Altimeter Capital Management, Dragoneer, IVP, Sequoia Capital, Tiger Global Management and funds advised by T. Rowe Price Associates Inc. also participated. UiPath said in July that it was valued at $10.2 billion after a $225 million funding round. In December, it announced it had filed confidentially for an initial public offering. UiPath specializes in robotic process automation technology, software that helps companies save time and money by automating repetitive, manual tasks such as entering data into spreadsheets. It competes with Automation Anywhere Inc., which is backed by SoftBank Group Corp. Bloomberg News reported in December that UiPath could be valued at more than $20 billion in its IPO, which could come as soon as the first half of 2021. UiPath got its start in Romania but is headquartered in New York. Its co-founders are Marius Tirca and Daniel Dines. The company previously raised $1.2 billion, according to PitchBook. Other existing investors include Accel, Alphabet Inc.’s CapitalG, Kleiner Perkins and Meritech Capital Partners. (Updates with investment history starting in sixth paragraph). — Katie Roof (Bloomberg)

Software maker UiPath raises funds at $35B valuation

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Software maker UiPath raises funds at $35B valuation

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