Gunderson Dettmer advised UiPath on the deal
UiPath, the leading Enterprise Robotic Process Automation (RPA) software company, has closed its series C funding raising $225 million at a valuation of $3 billion. The round was co-led by existing investor CapitalG and new investor Sequoia Capital. Accel, which led both UiPath Series A and B rounds also participated in this round.
The company announced in early July that it had increased its annual recurring revenue from $1M to $100M – a feat which it believes no other enterprise subscription software business has accomplished in such a short time. UiPath counts more than 1,800 global customers and is adding six new enterprise customers per day; the company expects annual recurring revenue at the end of 2018 to increase by more than four times compared to the end of 2017.
UiPath plans to use the additional funding to support its accelerated product development ambitions, deepen its ecosystem of partnerships to deliver complementary AI-enabled solutions, broaden the role of RPA in enterprise process automation initiatives, and invest in M&A opportunities.
The Gunderson Dettmer team was lead by corporate partner Rich Hesp (Picture), and included executive compensation and benefits partner James Hauser, corporate of counsel Keith Scherer and IP of counsel Peter Schoch, with associates Chris Crawford, David Horne and Jaime Narayan.
Involved fees earner: Richard Hesp – Gunderson Dettmer; Keith Scherer – Gunderson Dettmer; Christopher Crawford – Gunderson Dettmer; David Horne – Gunderson Dettmer; James Hauser – Gunderson Dettmer; Peter Schoch – Gunderson Dettmer; Jaime Narayan – Gunderson Dettmer;
Law Firms: Gunderson Dettmer;
Clients: UiPath Inc. ;