UiPath swallows another monster funding round
Blog: MWD Advisors
Even judging it purely on its ability to raise venture finance, UiPath is a beast.
UiPath’s latest funding round – $225m of capital – now values the company at $3bn. Is that crazy?
The underlying momentum the company’s driving is pretty astounding. Per the news release announcing the venture round, here are some salient stats:
- Annual Recurring Revenue (ARR) has risen from $1m to $100m in 21 months.
- 1,800 customers – with an average of 6 new customers daily.
- 1,700 employees working across 30 offices in 16 countries.
- Forecasting ARR to grow 300% in calendar 2018.
What’s the money going to be spent on? R&D, partnerships, and (I suspect mostly) on acquisitions. UiPath wants to increase its functional footprint in service of business automation opportunities. Any bets on likely targets?
The “RPA vendors” continue to demonstrate how established enterprise technology markets can be shaken up, by simply focusing on new audiences (in this case, operations leaders, not IT leaders) and taking time to make sure that products are designed and explained so they fit the needs and interests of those audiences.
As I’ve said before, it’s dangerous to assume that the “RPA vendors” will stay purely doing “todays RPA” for very long. It’s clear that UiPath and Automation Anywhere, in particular, have broader automation and integration ambitions.