UiPath, the robotic course of automation startup that has been rising like gangbusters, filed confidential paperwork with the SEC right now forward of a possible IPO.
“UiPath, Inc. right now introduced that it has submitted a draft registration assertion on a confidential foundation to the U.S. Securities and Trade Fee (the “SEC”) for a proposed public providing of its Class A typical inventory. The variety of shares of Class A typical inventory to be bought and the value vary for the proposed providing haven’t but been decided. UiPath intends to begin the general public providing following completion of the SEC evaluate course of, topic to market and different circumstances,” the corporate mentioned in a press release.
The corporate has raised greater than $1.2 billion from buyers like Accel, CapitalG, Sequoia and others. Its largest increase was $568 million led by Coatue on a formidable $7 billion valuation in April 2019. It raised another $225 million led by Alkeon Capital final July when its valuation soared to $10.2 billion.
On the time of the July increase, CEO and co-founder Daniel Dines didn’t draw back from the concept of an IPO, telling me:
We’re evaluating the market circumstances and I wouldn’t say this to be obscure, however we haven’t chosen a day that claims on at the present time we’re going public. We’re actually within the mindset that claims we ought to be ready when the market is prepared, and I wouldn’t be stunned if that’s within the subsequent 12-18 months.
This undoubtedly falls inside that window. RPA helps corporations take extremely repetitive guide duties and automate them. So for instance, it might pull a quantity from an bill, fill in a quantity in a spreadsheet and ship an electronic mail to accounts payable, all with out a human touching it.
It’s a know-how that has nice enchantment proper now as a result of it permits corporations to benefit from automation with out ripping and changing their legacy programs. Whereas the corporate has raised a ton of cash, and seen its valuation take off, it is going to be attention-grabbing to see if it’s going to get the identical constructive reception as corporations like Airbnb, C3.ai and Snowflake.