INSUBCONTINENT EXCLUSIVE:
UiPath is bringing automation to repetitive processes inside large organizations and it seems to have landed on a huge pain point
Today it announced a massive $225 million Series C on a $3 billion valuation.The round was led by CapitalG and Sequoia Capital
Accel, which invested in the companies A and B rounds also participated
Today investment brings the total raised to $408 million, according to Crunchbase, and comes just months after a$153 million Series Bwe
At that time, it had a valuation of over $1 billion, meaning the valuation has tripled in less than six months.There a reason this company
you might have never heard of is garnering this level of investment so quickly
For starters, it growing in leaps in bounds
Consider that it went from $1 million to $100 million in annual recurring revenue in under 21 months, according to the company
It currently has 1800 enterprise customers and claims to be adding 6 new ones a day, an astonishing rate of customer acquisition.The company
is part of the growing field of robotic process automation or RPA
While the robotics part of the name could be considered a bit of a misnomer, the software helps automate a series of mundane tasks that were
typically handled by humans
It allows companies to bring a level of automation to legacy processes like accounts payable, employee onboarding, procurement and
reconciliation without actually having to replace legacy systems.Phil Fersht, CEO and chief analyst at HfS, a firm that watches the RPA
market, says RPA isn&t actually that intelligent
&It about taking manual work, work-arounds and integrated processes built on legacy technology and finding way to stitch them together,& he
told TechCrunch in an interview earlier this year.It isn&t quite as simple as the old macro recorders that used to record a series of tasks
and execute them with a keystroke, but it is somewhat analogous to that approach
Today, it more akin to a bot that may help you complete a task in Slack
RPA is a bit more sophisticated moving through a workflow in an automated fashion.Ian Barkin from Symphony Ventures, a firm that used to do
outsourcing, has embraced RPA
He says while most organizations have a hard time getting a handle on AI, RPA allows them to institute fundamental change around desktop
routines without having to understand AI.If you&re worrying about this technology replacing humans, it is somewhat valid, but Barkin says
the technology is replacing jobs that most humans don&t enjoy doing
&The work people enjoy doing is exceptions and judgment based, which isn&t the sweet spot of RPA
It frees them from mundaneness of routine,& he said in an interview last year.Whatever it is, it resonating inside large organizations and
UiPath, is benefiting from the growing need by offering its own flavor of RPA
Today its customers include the likes of Autodesk, BMW Group and Huawei.As it has grown over the last year, the number of employees has
increased 3x and the company expects to reach 1700 employees by the end of the year.
