Silicon Valley's biggest investors are throwing money at UiPath, an enterprise software company that's now valued at $3 billion, thanks to its second mega funding round this year.
On Tuesday, UiPath announced $225 million in Series C funding from investors at Google's CapitalG, Sequoia, and Accel. The startup's previous funding round was just six months ago, in March, when it raised $153 million at a $1.1 billion valuation.
While UiPath calls itself "a robotic process automation software company," it's not talking about metal arms or high-traction rubber wheels. It's really more of an artificial-intelligence or machine-learning company, as its software lets companies automate repetitive business processes. The software interacts with applications the way humans might, only it "never sleeps, makes zero mistakes, and costs a lot less than an employee," UiPath says on its website.
"We strongly believe that RPA is a primary route for organizations to benefit from AI, and UiPath is proving this potential with its unparalleled growth and incredible customer impact," Laela Sturdy, a partner at CapitalG, said in a statement.
Rich Wong, a partner at Accel, echoed that.
"I am continually amazed by the dynamics of the RPA and AI market," Wong said in a statement. "UiPath is demonstrating that they have a platform that delivers incredible customer value fast. We believe that we are at the very early stage for companies to broadly benefit from automation and AI."
Daniel Dines, a Microsoft alumnus from Romania, founded the New York-based company in 2005. But it wasn't until recently that UiPath really took off.
UiPath said it grew its annual recurring revenue to $100 million from $1 million in less than two years, and it has claimed the title of "fastest-growing enterprise software company in history."
The company also said it adds six new enterprise customers a day — touting Autodesk, BMW Group, and Huawei among them — and has grown its employee count by 300% in the past year. UiPath plans to have 1,700 employees by the *** of 2018.
"We are enabling a future where employees at every organization are empowered to automate tedious and time-consuming work, enabling them to focus on creative, challenging problems," Dines said in a statement. "UiPath is driven by the incredible potential for our platform to be the gateway to transform our customers' digital business operations with machine learning and AI."