UiPath builds intelligent software robots that help businesses globally automate repetitive processes
US-based Robotic Process Automation (RPA) company UiPath has raised a US$30 million Series A round led by Accel and with participation from previous investors Earlybird Venture Capital, Credo Ventures and Seedcamp.
The funding will be used to accelerate the company’s global expansion — which includes the expansion of its Singapore office that it launched this year.
Part of the newly-raised capital will also be channelled towards product development including ramping up AI capabilities, especially around its core computer vision technology.
Additionally, the company will focus on cognitive capabilities enabling organisations to handle the vast amounts of structured and unstructured data.
On its developments in Singapore, the press release stated that “RPA is well-suited to Singapore, given the government’s push to increase productivity by leveraging technology, and UiPath have already seen significant interest from the established financial services and insurance industries, as well as government, telecoms, utilities and other sectors”.
For the uninitiated, RPA refers to a form of clerical process automation where AI or robots can take over repetitive administrative tasks such claims handling for insurance providers, employee onboarding, back office support. Digitising these processes improves productivity, accuracy and compliance dramatically, allowing employees to focus on more creative and strategic work.
UiPath claims to have over 150 partners including the major consultancies such as Deloitte and Capgemini, and 200 customers globally in industries ranging from banking, financial services and insurance through to manufacturing, utilities, healthcare and government. Among its other high profile clients include Lufthansa, Generali, Telenor and Dong Energy.
“This investment will allow us to introduce the benefits of intelligent RPA to even more businesses around the world and remain at the forefront of a rapidly-advancing industry,” said Daniel Dines, CEO and founder of UiPath.
“We are making work more inspiring and effective for the people that drive our businesses and economies forward, and the potential that remains untapped for organisations is what makes this such an exciting market to work in.”
Image Credit: UiPath
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