UiPath CEO Daniel Dines. (UiPath Photo)
The news: UiPath had one of the biggest IPOs ever for a U.S. software company, raising $1.3 billion as it debuted on the New York Stock Exchange Wednesday. Shares rose 17% when the market opened, valuing the company at $34 billion.
UiPath background: Founded in 2005, UiPath builds technology called Robotic Process Automation, or RPA. It involves systems that use AI to learn and then take over routine and mundane software processes and business workflows from human workers. The company’s revenue spiked 81% last year to $607.6 million, while losses shrunk to $92.4 million from $519.9 million in 2019. Customers include Toyota, Bank of America, CrowdStrike, and others. UiPath raised nearly $2 billion from private backers, including a $750 million Series F round in February.
This is what happens when humans & robots work in sync to disrupt the future of work. We’re so proud to ring the bell today and officially enter the @NYSE family – https://t.co/TCmdddD2uX. #UiPathIPO #RPA pic.twitter.com/mTVC4mstZ1
— UiPath (@UiPath) April 21, 2021
Seattle-area connections: UiPath employs more than 100 people at a R&D hub in Bellevue, Wash., nearby Microsoft’s headquarters. UiPath CEO Daniel Dines previously worked at Microsoft for nearly five years before launching UiPath.
Seattle venture capital firm Madrona Venture Group is an investor in UiPath, having participated in a Series C round in 2018. That’s when Madrona Managing Director S. “Soma” Somasegar, the former leader of Microsoft’s Developer Division, joined the company’s board.
In a blog post, Somasegar detailed the reasons why Madrona invested — customer focus; secular trends such as software automation; etc. — and also shared his lessons learned from the UiPath journey. From the post:
UiPath took a bold approach of an international footprint – for its team and for its customer base …read more