The Rapid Growth of UiPath
Throughout the company's history, UIPath has led the industry in cutting-edge innovation, a fact which was critical to the company's customer base expansion and improved ARR. Below, we've provided an overview of the company's history, focusing on their success story and key factors which contributed to how they grew so quickly.
UiPath History Overview
- In 2015, DeskOver became UiPath, incorporated in the US, and secured first-round funding.
- That same year, UiPath launched their Enterprise Automation Platform, followed by the Front and Back Office Server release in 2016.
- A free Studio Community Edition was launched in 2016, and new offices opened in New York, London, and Bengaluru.
- At the end of 2016, UiPath had 250 enterprise clients.
- Between 2017 and 2019, UiPath expanded globally into Asia, Europe, and the US and received Series A funding.
- In 2018, UiPath had 31 offices in cities around the world and secured Series B & C investment funding.
- UiPath had more than 2,000 employees in 2018, and over 2,700 global enterprise clients.
- In 2019, UiPath had 250,000 developers.
- Fifty percent of Fortune Global 500’s top 50 companies are clients.
Factors contributing to UiPath's exponential growth
- The forces behind UiPath's growth include innovation, funding, and expansion.
UiPath is an innovator in the field of RPA
- A February 2018 news release suggests that UIPath's RPA capabilities are unknown in the field, and include “unrivaled robotic capacity, flexible scaling and confidence and control throughout operations”.
- UiPath prioritized data protection and security in the 2018 upgrade, with expanded integration and increased speed to address risk and fraud.
- In March of 2018, Series B funding was used to increase “innovations that integrate machine learning (ML) and AI algorithms”.
- UIPath’s commitment to innovation is to make RPA and AI tools and capabilities available to everyone. This idea was realized in the October 2018 releases of Go (source 5) and the Academic Alliance.
- Cloud-based drag and drop architecture for AI products is in development by UIPath, according to an April 2019 news article.
- TechCrunch reports that UIPath’s rapid growth can be attributed to its commitment to leading the RPA field and changing how clients manage their resources.
- UiPath is devoted to focusing on the next best thing with the client’s bottom line in mind, which has lead to greater adoption in the marketplace.
- They are also committed to opening the field to everyone in an open-source platform, which has provided a platform of greater innovation as more individuals collaborate on the open market.
Customer Base Growth
Annual Recuring Revenue Growth
- Consistent with UIPath's customer base, its annual recurring revenue was $8,000,000 in 2017.
- In 2019, the company's annual recurring revenue had grown to $200,000,000.
UiPath Has Top-Tier Funding
- A March 2018 news release states that UIPath raised $153,000,000 in Series B funding, which was one month after the release of the RPA comprehensive upgrade.
- TechCrunch reported that UiPath raised $568,000,000 from Series D funding in April 2019.
- The company's investment and funding partners include early-, growth-, and late-stage venture capital firms, investment managers, private investors, investment funds, equity firms, accelerators, asset management, and investment advisers from companies across the globe.