Robotic process automation software company UiPath has collected $153m in its Series B led by Accel.
Other participants to the round included CapitalG, Kleiner Perkins Caufield & Byers, Earlybird’s Digital East Fund, Credo Ventures, and Seedcamp. Earlier in the week, a report by TechCrunch said the Series was raised at a valuation exceeding $1bn.
Launched in 2015, UiPath develops RPA solutions, using cognitive AI and predictive analytics to support companies with process automation. The solution is implemented by a range of industries including, finance and banking, insurance, healthcare, the public sector, telecom, manufacturing and BPO.
The New York-headquartered company’s technology can be implemented for automating accounts payable, claims processing, contact centres, finance and accounting, and healthcare payers. For financial services the company can also ensure the business is in line with regulations, through retail fraud detection, credit assessments and underwriting.
It solutions takes on all of the repetitive compliance tasks, freeing up real staff to focus on compliance responsibilities requiring reasoning and judgment. Every activity of every UiPath software robot is saved in a central log where it can be monitored regularly, easily accessed in the event of audits, and updated to reflect changes in regulations. This helps its customers meet KYC requirements that are required from FMA, FCA, and SEC. It central repository archives all the logs and can be easily mined by ElasticSearch (the company’s big data analytics platform) for compliance reports, resolutions, audit responses and compliance improvements.
UiPath’s solutions can also check several internal and external databases for potential clues of any suspicious activity regarding the bank’s client. At the same time, they post this information in a report for the use of a human fraud prevention analyst. in the verification process tied to Fraud Prevention, it claims banks can reduce the time spent on requests from 45 minutes to 20 minutes, eliminating human involvement.
Last year, UiPath’s customer base grew from under 100 companies to more than 700; driving an 8-times growth in annual recurring revenue. Some of the new clients include BMW Group, CenturyLink, Huawei, Morningstar and Sumitomo Mitsui Financial Group.
Capital from the round will go towards UiPath’s product roadmap, with a particular focus on implementing machine learning and AI algorithms. The company is also hoping to further its global expansion, with new offices in Amsterdam, Houston, Munich, Paris, Seoul and Washington D.C. during the quarter.
Rich Wong partner Accel said, “Accel had the great fortune to lead UiPath’s Series A investment in 2017, and we are excited to deepen our partnership with UIPath with today’s financing. In one short year, we’ve watched as the company’s business performance has exploded, amassing hundreds of new customers as RPA has become one of the fastest growing categories in enterprise.”
Accel, which has led both Series’ into the company, will appoint Rich Wong to UiPath’s board of directors.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
