UiPath is raising more cash. The New York-based company just announced a $750 million Series F round that pushes its valuation to $35 billion.
This follows a $225 million Series E round raised in July at a $10.2 billion valuation. Total funding to date is nearly $2 billion.
Founded in 2005, UiPath builds technology called Robotic Process Automation, or RPA. It involves systems that use AI to learn and then take over routine and mundane software processes and business workflows from human workers. The company reported more than $400 million in annual recurring revenue in July.
UiPath has a R&D hub in Bellevue, Wash., nearby Microsoft’s headquarters. Last year Microsoft acquired London-based Softomotive, a UiPath competitor.
Alkeon Capital Management and Coatue led the Series F round. Previous investor Seattle-based Madrona Venture Group did not participate in this round.
Madrona Managing Director S. “Soma” Somasegar, the former leader of Microsoft’s Developer Division, joined the UiPath board in 2018.
Madrona is also a backer of Snowflake, a Silicon Valley-based cloud data warehousing computing company that had the largest software IPO ever in September. Snowflake also has a Seattle area engineering center.