Robotic process automation firm UiPath Inc.’s value today went past the $10 billion level after collecting $225 million in a late-stage funding round.
UiPath, which has earned more than a billion dollars in investment till date, has been a draw for venture capital cash due to its leading role in the RPA industry, a branch of artificial intelligence involving the use of virtual robots to analyse workflows in popular business applications and then to deduce ways to simplify routine activities. UiPath creates robots that track individual user keystrokes as they communicate with applications such as organisational resource planning and consumer experience management systems, detect common behaviours, and recommend solutions to simplify them. Eliminating a few keystrokes can sound insignificant, but savings may be immense when extended to hundreds of thousands of users over a long time.
UiPath’s automation technologies are now in high demand, but with the COVID-19 pandemic wreaking havoc with industries across the globe, concern is expected to expand further when corporations search for ways to reduce potential threats to the efficiency of their human labor force. While it’s hard to predict just how much competition there could be for UiPath’s RPA software in the future, Dave Vellante, Chief Analyst at SiliconANGLE’s Wikibon sister market analysis company, recently predicted that the wider automation sector may well be a huge $100 billion area as AI-powered automation is a central part of each organisation’s operating model. This helps understand why investors are so eager to invest their capital at UiPath, which has developed itself as a pioneer in the RPA market, which last year posted more than $400 million in annual recurring revenue.
UiPath can also see cash as a way to remain one step ahead of its competitors on the RPA business, which is quickly becoming a fiercely competitive one. Throughout recent months, large corporations such as Microsoft Corp. and IBM Corp. have made substantial investments to improve their position in the RPA industry. Microsoft and IBM have joined the RPA sector over the last few months and It would bring strain on the two giants. That’s just what UiPath plans to do. To order to render any person’s dream, the organization wants more funding to finance the continuing creation of its RPA software, one of its key fields of emphasis should be on low-code programming, making it easier for staff to create on-the-fly apps that can handle different day-to-day activities.
As the company holds too much funds in the accounts, the next leap in funding UiPath should be to go public with an initial public offering. During the past, the firm has made no secret of its intention to do this one day. Khanna affirmed Chief Executive Daniel Dines’ belief that, while it was planned to go public by 2022, the pandemic might theoretically speed up the timeline.