Software Maker UiPath in Talks for Funding at $10 Billion-Plus Value

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(Bloomberg) -- UiPath Inc., a New York-based software maker that helps companies automate routine processes, is in talks to raise funding that could value it at more than $10 billion, according to people familiar with the matter.

That would be a significant jump from its last funding round in April 2019 when it said it was valued at $7 billion.

It couldn’t be learned how much the company was looking to raise now. Last year’s round totaled $568 million from Coatue Management, Dragoneer Investment Group, Wellington Management and others.

UiPath’s fundraising plans could still change, said the people, who asked not to be identified because the matter is private.

A UiPath representative declined to comment.

The company specializes in robotic process automation technology, or software that helps companies save time and money by automating repetitive, manual tasks such as entering data into spreadsheets.

UiPath is looking to expand as more companies during the pandemic have been looking to use automation to cut costs. Some of its software has been used in hospitals and during health-care projects to help with Covid-19, according to UiPath’s website.

Chief Executive Officer Daniel Dines said in an email in March that UiPath’s clients in retail, health care and finance were using its services to manage “drastic shifts in demand” caused by the pandemic.

Dines said in February that the company had an initial public offering in its sights. In 2018, UiPath became the first startup founded in Romania to reach unicorn status, meaning a private venture-backed company valued at $1 billion. It has since moved its headquarters to New York.

Founded in Bucharest in 2005 as DeskOver and renamed in 2015, UiPath’s clients include the U.S. Navy and the Central Intelligence Agency, as well as corporate customers such as McDonald’s Corp. and Swiss Re. It has attracted funding from investors including Sequoia, Alphabet Inc.’s growth equity arm CapitalG, and Sands Capital.

One of UiPath’s competitorsm Blue Prism Group Plc, went public in 2016. A smaller U.K.-based competitor, Softomotive Ltd., was acquired by Microsoft Corp. last month.

©2020 Bloomberg L.P.

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