A trio of venture capital firms have helped boost UiPath’s Series C financing round, which had already given the robotic process automation software developer a $3bn valuation.
The New York-headquartered company’s technology can be implemented for cutting-edge FinTech solutions including automating accounts payable, claims processing, contact centres, finance and accounting, and healthcare payers.
It also says its offering can ensure businesses are in line with regulations, through retail fraud detection, credit assessments and underwriting.
The company champions “one robot for every person”, delivering free and open training and collaboration and enabling robots to learn new skills through AI and machine learning.
It says its platform has already automated millions of repetitive, mind-numbing tasks for business and government organizations all over the world, improving productivity, customer experience and employee job satisfaction.
UiPath has now raised $265m for its Series C thanks to new backing from IVP, Madrona Venture Group and Meritech Capital.
UiPath had previously picked up $225m for the round thanks to CapitalG, which led the investment alongside new backer Sequoia Capital two months ago.
UiPath CEO and co-founder Daniel Dines said, “I am honored to have IVP, Madrona Venture Group and Meritech Capital as new investors in UiPath.
“Their leadership and guidance will no doubt help us continue to define and lead the automation first era for customers everywhere.”
Accel led the Series A and B rounds of UiPath. The company’s Series B collected $153m earlier in the year and valued the company at $1.1bn.
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