Founded way back in 2005, UiPath started gaining recognition around 2017 when the startup obtained Series A funding. It was, at the time, a small startup out of Bucharest, Romania, operating in a little-known field of enterprise software called robotic process automation (RPA). Today the company records multibillion-dollar valuations in the industry.
Growth in the industry
UiPath progressed through its investment rounds, finishing with a US $750 million investment round on a ground-breaking US $35 billion valuation two months ago. On March 26, the RPA juggernaut took the next step on its rapid-fire evolutionary track when it filed its S-1 to go public. To better illustrate how fast the company has progressed, let’s take a look at its funding history.
Robotic process automation is better understood nowadays with enterprise software giants like Microsoft, IBM, SAP, and ServiceNow becoming interested. By leveraging RPA, businesses can automate an ordinary process like automatically carrying out work and processing an insurance claim, only bringing in humans when absolutely necessary.
In June 2019, globally recognized research and advisory company Gartner reported that RPA was the fastest-growing field in enterprise software, rising at over 60% per year and attracting major enterprise software vendors and investors to the industry. Although RPA’s growth has reduced upon maturity, a Gartner report released in September 2020 found it increasing at a moderate 19.5% rate with total revenue anticipated to reach a sum of US $2 billion in 2021.
Gartner discovered that stand-alone RPA merchants like UIPath, Automation Anywhere, and Blue Prism are the current market leaders of RPA globally. Although the market may feel small, given the size of the company’s valuation, it displays signs of significant growth potential. In its S-1 filing, UiPath projected a US $60 billion addressable market. While the total available market estimates are usually high, the company points out that the number comprises far more than pure RPA into what is known as “Intelligent Process Automation.” In essence, it would not only involve RPA but also include workflow, no-code development, process discovery, and other forms of automation.
On March 23, 2021, UiPath announced the acquisition of Cloud Elements, a company that grants it access to API integration, an essential element of automation in the industry. According to the co-founder and CEO of UiPath, Daniel Dines, the acquisition was carried out to create a more extensive platform of automation instruments. “The addition of Cloud Elements is just an example of how we are developing a scalable and flexible enterprise-ready platform that assists customers to become fully automated enterprises.” He added.
UiPath is a software company specializing in the development and design of robotic process automation (RPA) and artificial intelligence solutions. The company offers foolproof development instruments, automation of complex processes, improved control, multiple robots on a single virtual machine, on-premise and cloud deployment, and sturdy governance. Founded by Daniel Dines and Marius Tirca, the company has its headquarters in New York, United States.
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