UiPath

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UiPath Inc.
TypePublic
NYSEPATH
IndustryRobotic Process Automation
Artificial Intelligence
Automation
Founded2005; 16 years ago (2005) in Bucharest, Romania
Founders
Headquarters,
Number of locations
25 Countries
Area served
Worldwide
Key people
  • Daniel Dines (CEO)
  • Marius Tîrcă (CTO)
ProductsSoftwares
RevenueIncrease $607.6 Million[1][2]
Number of employees
3,000
Websiteuipath.com

UiPath is an American global software company for robotic process automation (RPA) founded in Romania by Daniel Dines and Marius Tîrcă and headquartered in New York City. The company's software monitors user activity to automate repetitive front and back office tasks, including those performed using other business software such as customer relationship management or enterprise resource planning (ERP) software.

In December 2020, the company filed confidentially for an initial public offering, and became public on April 21, 2021.

History[edit]

UiPath was founded in 2005 in Bucharest, Romania as DeskOver, by Romanian entrepreneurs Daniel Dines and Marius Tîrcă.[3]

In 2013, the company released the first UiPath Desktop Automation product line, which gave companies RPA tools to automate manual and repetitive back office tasks.[3]

In 2015, the company changed its name to UiPath.[3] Also in 2015, after receiving seed funding from Accel Partners and earlier investors, the company opened offices in London, New York City, Bangalore, Paris, Singapore, Washington, D.C., and Tokyo.[4][3]

By April 2016, the company had released its Front Office and Back Office Server suites, and also released its Studio Community Edition. Within six months, the company had 10,000 active members, and more than 250 enterprise customers.[3]

In 2017, UiPath reported 590 employees and moved its headquarters to New York to be closer to its international customer base.[5]

In June 2019 research firm Gartner announced that from 2017 to 2018 UiPath moved from #5 to #1 in RPA market share.[6] In September, UiPath was ranked #3 on the Forbes Cloud 100.[7] The company was the featured cover story of the September 30, 2019 Forbes print edition with UiPath CEO Daniel Dines called "Boss of the Bots."[8]

In October 2019, UiPath announced the acquisition of Ukrainian process documentation company StepShot and Dutch process mining company ProcessGold.[9] Also in October, the company announced UiPath Explorer, a new product using technology from the acquired companies; a robot communication tool called UiPath Apps; a low code robot programming tool called UiPath StudioX; an embedded analytics tool called UiPath Insights; and UiPath Connect, a tool that allowed every employee to find new processes to automate.[9][10]

In November of the same year, the company reported it had 5,000 customers worldwide, and a developer community of more than 500,000 people.[11] In November, the company was ranked first in the Deloitte Technology Fast 500.[12]

In April 2020, UiPath was named the top tech company and #2 overall in the Financial Times FT1000 ranking of Americas' fastest growing companies 2020.[13][14] In June, UiPath was named to the CNBC 2020 Disruptor 50 ranking.[15] In September, UiPath was ranked #3 on the Forbes Cloud 100 list for the second consecutive year.[16] On December 17, Bloomberg reported that UiPath filed confidentially for an initial public offering (IPO).[17]

Products[edit]

UiPath develops software to automate repetitive digital tasks normally performed by people. The technology combines emulating how humans read computer screens (AI Computer Vision) with APIs, and gives users access to prebuilt automation components that can be combined to automate routine processes.[11] Its earlier products simplified tasks performed using other business software such as CRM or ERP systems, in internal and back-office areas like accounting, human resources paperwork, and claims processing.[18][19] Newer applications for the company's software include coordinating with artificial intelligence systems to simplify repetitive front office tasks including customer management.[19]

UiPath's main product is the UiPath Automation Platform.[20] The platform combines a family of low-code visual integrated development environment (IDE) products called Studio for process creation, with client-side agents called Robots that execute those processes. The processes are deployed, monitored and managed remotely with a central management tool called Orchestrator.[21]

Additional available software includes:

  • UIPath AI Center (previously AI Fabric) - orchestrates and inserts AI into business processes.[18][citation needed]
  • UiPath Action Center (previously UiPath Apps) - a communication tool for instances where robots need to connect with humans for direction, described by the company as “human in the loop.”[10][citation needed]
  • UiPath Assistant - a launchpad for automations that a company provides to its computer workers. It sits on the computer desktop and gives people easy access to selected automations that help them with their day-to-day tasks.[22]
  • UiPath Automation Hub (previously UiPath Connect Enterprise) - a tool allows every employee at an organization to help find, suggest and track new processes to automate.[10][23]
  • UiPath Document Understanding - software that extracts, interprets and processes data from PDFs, images, handwriting and other communication media.[24]
  • UiPath Insights - a modular data dashboard that provides analytics for UiPath's automated processes.[10]
  • UiPath Process Mining (previously ProcessGold) - a tool that uncovers new automation opportunities by analyzing application logs.[22]
  • UiPath StudioX - a platform with simplified coding that allows workers to build their own robots to simplify their own work.[10]
  • UiPath Test Suite - automates and centralizes testing to ensure the quality of every automation and application before they go live.[25]

UiPath's software products are available as native software or using the Software as a Service (SaaS) model.[9][21]

UiPath also hosts the UiPath Academy, to provide job training and certification in the field of Robotic Process Automation.[26]

Funding[edit]

UIPath Funding in millions of $ USD:

10,000
20,000
30,000
40,000
2015-08
2017-04
2018-03
2018-09
2019-04
2020-07
2021-02
  •   Funding
  •   Valuation
When Funding Raised Valuation Who and notes
August 2015 US$1.6 million . UiPath closed an initial seed funding round led by the Earlybird Venture Capital, with Credo Ventures and Seedcamp as backers.[3]
April 2017 $30 million investment . One of the biggest Series A rounds of funding in Europe, led by Accel. Previous investors Earlybird Venture Capital, Credo Ventures and Seedcamp also joined.[3]
March 6, 2018 $153 million investment $1.1 billion from Accel, CapitalG, and Kleiner Perkins Caufield & Byers.[27][28]
September 18, 2018 $225 million $3 billion valuation Funding round led by CapitalG and Sequoia Capital.[29]
April 30, 2019 $568 million $7 billion (claimed by the company after the funding round) Series D round of funding led by hedge fund Coatue Management, with participation from Alphabet’s CapitalG, Sequoia, Accel, Madrona Venture Group, IVP, Dragoneer, Wellington, Sands Capital, and funds advised by T. Rowe Price & Associates.[19]
July 13, 2020 $225 Million $10.2 Billion.[30] .
December 17, 2020 . . UiPath filed a confidential draft registration statement with the United States Security and Exchange Commission for an initial public offering.[31][32][33][34]
February 1st, 2021 $750 million $35 billion (post-money valuation) Series F funding.[20]

References[edit]

  1. ^ "Robotics firm UiPath Files for IPO after $35 Billion valuation". thestreet.com. March 26, 2021. Retrieved March 26, 2021.
  2. ^ "TechCrunch: A first look at UiPath's IPO filing". techcrunch.com. March 26, 2021. Retrieved March 26, 2021.
  3. ^ a b c d e f g "The story of UiPath – How did it become Romania's first unicorn?". Business Review. September 4, 2018. Retrieved March 3, 2021.
  4. ^ "Romanian tech startup UiPath raises USD 30 mln to develop intelligent software robots". Romania-Insider.com. Retrieved March 9, 2018.
  5. ^ "Romanian Firm Emerges as Leader in Automating Business Tasks". Reuters. March 6, 2018. Archived from the original on March 6, 2018.
  6. ^ "Gartner Says Worldwide Robotic Process Automation Software Market Grew 63% in 2018". www.gartner.com. June 24, 2019. Retrieved March 3, 2021.
  7. ^ "Forbes Cloud 100". www.forbes.com. Retrieved September 11, 2019.
  8. ^ "From Communism To Coding: How Daniel Dines Of $7 Billion UiPath Became The First Bot Billionaire". www.forbes.com. Retrieved September 11, 2019.
  9. ^ a b c "UiPath acquires ProcessGold and StepShot to help businesses identify RPA opportunities". VentureBeat. October 15, 2019. Retrieved March 3, 2021.
  10. ^ a b c d e "UiPath announces new tools and acquisitions to automate more business processes". Silicon Angle. October 15, 2019. Retrieved March 3, 2021.
  11. ^ a b "PwC Strategy+Business: Automation Made Easy". Strategy + Business. November 20, 2019. Retrieved March 3, 2021.
  12. ^ "2019 Technology Fast 500 winners". www.deloitte.com. Retrieved November 6, 2019.
  13. ^ "2020 FT1000 winners". www.ft.com. April 6, 2020. Retrieved April 6, 2020.
  14. ^ Kelly, Maxine (April 6, 2020). "FT ranking: the Americas' fastest-growing companies". www.ft.com. Retrieved April 17, 2020.
  15. ^ "2020 CNBC Disruptor 50". www.cnbc.com. Retrieved June 13, 2020.
  16. ^ ""Forbes Cloud 100 2020"". Forbes.
  17. ^ ""UiPath Says It Filed Confidentially for IPO, Could Be Valued at More Than $20 Billion"". Bloomberg.com. December 17, 2020.
  18. ^ a b "UiPath: RPA and AI will be commoditized productivity tools within 5 years". Venturebeat. June 22, 2019. Retrieved March 3, 2021.
  19. ^ a b c "UiPath nabs $568M at a $7B valuation to bring robotic process automation to the front office". TechCrunch. April 30, 2019. Retrieved March 2, 2021.
  20. ^ a b "Robotic process automation platform UiPath raises $750M at $35B valuation". Techcrunch. February 1, 2021. Retrieved March 3, 2021.
  21. ^ a b "Review: UiPath aces robotic process automation". Infoworld. May 6, 2019. Retrieved March 3, 2021.
  22. ^ a b "UiPath robots 'calmly hyper' over hyperautomation". Computer Weekly. May 13, 2020. Retrieved March 2, 2021.
  23. ^ "UiPath Extends RPA Market Leadership, Readies for Hyperautomation". Business Review. February 21, 2021. Retrieved March 3, 2021.
  24. ^ "Deloitte and UiPath partner to deliver Intelligent Document Processing". Information Age. May 4, 2020. Retrieved March 3, 2021.
  25. ^ "UiPath Now Certified for SAP Solution Manager Test Automation". AiThority. August 5, 2020. Retrieved March 3, 2021.
  26. ^ Lunden, Ingrid (April 3, 2020). "UiPath extends its online RPA academy and certification". CXO Insight Middle East. Retrieved March 3, 2021.
  27. ^ Lunden, Ingrid (March 6, 2018). "UiPath Confirms $153 M at $1.1B Valuation". TechCrunch. Retrieved March 6, 2018.
  28. ^ "UiPath Confirms $153 M at $1.1B Valuation". Reuters. March 6, 2018. Retrieved March 6, 2018.
  29. ^ "With India Focus, Global Robotics Company UiPath Raises $225 Mn". Inc42 Media. September 18, 2018.
  30. ^ ""UiPath reels in another $225M as valuation soars to $10.2B". TechCrunch.
  31. ^ ""UiPath files confidential IPO". TechCrunch.
  32. ^ "Software maker UiPath says it has confidentially filed for IPO". Bloomberg.com. December 17, 2020.
  33. ^ "UiPath files for IPO, could become one of New York City's largest tech companies". CNBC. December 18, 2020.
  34. ^ "UiPath: Get ready for another big software IPO". Barrons.

External links[edit]