UiPath is a robotic process automation (RPA) company. That means it uses artificial intelligence to build software robots that let companies automate back-office, repetitive and time-consuming tasks. The goal is to move humans away from this work and allow them to focus on things that bring more value to small, medium, and large-scale businesses.

A Global Leader

UiPath’s customer base has grown 41.64% in the past 12 months to currently over 5,000 customers. 40% of those companies produce more than $1 billion in annual revenue. Some customers include Amazon, Bank of America, NASA, the U.S. Department of Defense, and all of the Big 4 Accounting firms. The number of clients will continue to grow as it is estimated that 2 out of 3 companies worldwide will increase their RPA usage over the next year. The company only had 100 customers in 2016, then 700 in 2017, and will continue to grow at a rapid rate as RPA becomes a larger part of how the world operates.

UIPath currently has the #1 market share for RPA and in September of 2019 was named #3 on the Forbes Cloud 100 behind tech giants Snowflake and Stripe. In 2020, UIPath was named the top tech company and #2 overall in the Financial Times ‘Fastest Growing Companies 2020”. Also mentioned in CNBC’s ‘Disruptor 50 2020’ for the companies revolutionizing how we live. The company’s annual recurring revenue has increased to $400 million, up from about $100 million two years ago, with a big boost from large corporations that have been forced to quickly adapt to remote work. There have been 9 funding rounds and 25 investors over the past 5 years for UIPath, leading to a total funding amount of $1.2 Billion from investors like Accel, Alkeon Capital, CapitalG, and Sequoia Capital.