Turbotodd

Ruminations on tech, the digital media, and some golf thrown in for good measure.

UiPath Raises $225 Million in Series C, Focuses on AI for Repetitive Tasks

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The AI venture capital wars continue to heat up.

VentureBeat reported early today that UiPath, a robotic process automation platform that helps companies automate repetitive tasks, has raised $225 million in a series C round of funding co-lead by Alphabet’s late-stage venture capital fund CapitalG and Sequoia Capital, with participation from Accel.

This follows on their series B round, which raised $153 million.

The company was founded in Romania, but is now headquartered in New York. VentureBeat writes that the platforms core selling point is that it brings automation to enterprise processes.

The company builds what it calls “intelligent software robots” that help businesses carry out what are often laborious and repetitive tasks using computer vision and rule-based processes.

UiPath’s tech sits atop business applications such as enterprise resource planning software and customer relationship management tools to emulate tasks usually carried out by a person manually pressing buttons at their desk.

The “robots” are trained to observe the interface to see and understand what is happening and then carry out the task as a human would.

Current customers range from NASA to Airbus to DHL, Equifax, Lufthanse, Autodesk, and 2,000 other companies around the globe. The company expects to use the Series C round to accelerate its product development and acquire more companies.

Robotic process automation…remember that category!

Written by turbotodd

September 18, 2018 at 4:11 pm

Posted in 2018, AI, artificial intelligence

Tagged with ,

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