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]
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 October 2019, UiPath announced the acquisition of Ukrainian process documentation company StepShot and Dutch process mining company ProcessGold.[6] 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.[6][7]
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.[8] In November, the company was ranked first in the Deloitte Technology Fast 500.[9]
In March 2021, UiPath acquired Cloud Elements, an interconnectivity platform to advance API-based automation capabilities.[10][11]
In April 2021, UiPath raised $1.3 billion in an initial public offering on the New York Stock Exchange in one of the largest US software IPOs in history.[12][2]
UiPath develops software to automate repetitive digital tasks normally performed by people. The technology combines emulating how humans read computer screens (AI computer vision), together with APIs, and gives users access to pre-built automation components that can be combined to automate routine processes.[8] 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.[15][16] Newer applications of the company's software include coordinating with artificial intelligence systems to simplify repetitive front office tasks including customer management.[16] UiPath's built-in optical character recognition (OCR) engines from Google, Microsoft, and ABBYY can read information from a screen or scanned document.[citation needed]
UiPath's main product is the UiPath Automation Platform.[17] 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.[18]
Additional available software includes:
UIPath AI Center (previously AI Fabric) - orchestrates and inserts AI into business processes.[15][citation needed]
UiPath Action Center - a communication tool for instances where robots need to connect with humans for direction, described by the company as “human in the loop.”[7][citation needed]
UiPath Apps - a low-code application development platform.
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 tasks.[19]
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.[7][20]
UiPath Document Understanding - software that extracts, interprets and processes data from PDFs, images, handwriting and other communication media.[21]
UiPath Insights - a modular data dashboard that provides analytics for UiPath's automated processes.[7]
UiPath Process Mining (previously ProcessGold) - a tool that uncovers new automation opportunities by analyzing application logs.[19]
UiPath StudioX - a platform with simplified coding that allows workers to build their own robots to simplify their own work.[7]
UiPath Test Suite - automates and centralizes testing to ensure the quality of every automation and application before they go live.[22]
UiPath's software products are available as native software or using the Software as a Service (SaaS) model.[6][18]
UiPath also hosts the UiPath Academy, to provide job training and certification in the field of robotic process automation.[23]
Funding
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]
Funding round led by CapitalG and Sequoia Capital.[26]
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.[16]
UiPath filed a confidential draft registration statement with the United States Security and Exchange Commission for an initial public offering.[28][29][30][31]
