New York automation firm UiPath raises fresh funds at $35bn valuation ahead of IPO

by   |  VIEW 3836

New York automation firm UiPath raises fresh funds at $35bn valuation ahead of IPO

UiPath Inc., the New York-headquartered American multinational software developer primarily centring its focuses on robotic process automation, said on Monday that the 15-year-old software company had raised a stark upsum of $750 million in a recent fundraising campaign, valuing the robotic startup at $35 billion ahead of a likely high-profile IPO (Initial Public Offerings) as early as this year.

In point of fact, latest fundraising campaign of UiPath, the American multinational software developer operating in 25 countries across the globe, came against the backdrop of an IPO (Initial Public Offerings) expected to be held later this year which has every potential to be one of the largest tech offerings from a US-based startup in 2021, suggested analysts.

UiPath raises $750 million, valued at $35 billion ahead of IPO

Besides, according to UiPath’s Monday’s statement, its latest fundraising campaign was mostly led by existing investors such as Alkeon Capital and Coatue alongside Altimeter Capital, IVP, Sequoia, Dragoneer, Tiger Global alongside funds advised by T Rowe Price Associated Inc.

Aside from that, the New York-headquartered software company had issued a statement in December 2020 saying that it had confidentially filed for an Initial Public Offerings with the US SEC (Securities and Exchange Commission), though a press agency report had unveiled in September 2020 that UiPath, that helps businesses automate routine tasks, had been close to hiring lenders for its planned IPO in 2021.

In tandem, followed by the reveal of latest fundraising campaign of UiPath that valued the software and automation company at a whopping $35 billion ahead of Initial Public Offerings, several analysts were quoted saying that the latest injection of fresh inflows into the software company had largely illustrated a transmutation to remote working drive amid a still-raging pandemic outbreak at large which had forced many businesses to join a latest trend of work-from-home.