UiPath, the robotic course of automation startup that has been rising like gangbusters, filed confidential paperwork with the SEC at present forward of a possible IPO.
“UiPath, Inc. at present introduced that it has submitted a draft registration assertion on a confidential foundation to the U.S. Securities and Exchange Commission (the “SEC”) for a proposed public providing of its Class A standard inventory. The variety of shares of Class A standard inventory to be bought and the value vary for the proposed providing haven’t but been decided. UiPath intends to begin the general public providing following completion of the SEC evaluate course of, topic to market and different situations,” the corporate mentioned in an announcement.
The firm has raised greater than $1.2 billion from buyers like Accel, CapitalG, Sequoia and others. Its greatest elevate was $568 million led by Coatue on a formidable $7 billion valuation in April 2019. It raised one other $225 million led by Alkeon Capital final July when its valuation soared to $10.2 billion.
UiPath nabs $568M at a $7B valuation to carry robotic course of automation to the entrance workplace
At the time of the July elevate, CEO and co-founder Daniel Dines didn’t shrink back from the thought of an IPO, telling me:
We’re evaluating the market situations and I wouldn’t say this to be imprecise, however we haven’t chosen a day that claims on today we’re going public. We’re actually within the mindset that claims we ought to be ready when the market is prepared, and I wouldn’t be stunned if that’s within the subsequent 12-18 months.
This undoubtedly falls inside that window. RPA helps corporations take extremely repetitive guide duties and automate them. So for instance, it may pull a quantity from an bill, fill in a quantity in a spreadsheet and ship an e mail to accounts payable, all with no human touching it.
It is a expertise that has nice enchantment proper now as a result of it permits corporations to reap the benefits of automation with out ripping and changing their legacy techniques. While the corporate has raised a ton of cash, and seen its valuation take off, it will likely be attention-grabbing to see if it would get the identical constructive reception as corporations like Airbnb, C3.ai and Snowflake.
UiPath reels in one other $225M as valuation soars to $10.2B