UiPath raises fresh funds at $35 bln valuation ahead of IPO

Feb 1 (Reuters) - UiPath Inc said on Monday it had raised $750 million in a fundraising round that valued the robotic software startup at $35 billion, ahead of a high-profile initial public offering (IPO) later this year.

The round was led by existing investors Alkeon Capital and Coatue, with Altimeter Capital, Dragoneer, IVP, Sequoia, Tiger Global and funds advised by T. Rowe Price Associates Inc also taking part in the fundraising.

The New York-based startup said in December that it had filed confidentially for an IPO with the U.S. Securities and Exchange Commission (SEC).

Reuters had reported in September that UiPath, which helps companies automate repetitive and routine tasks in areas such as accounting and human resources, was close to hiring banks for its IPO in 2021.

The pandemic has boosted UiPath’s business as a shift to remote working drove companies to intensify their search for automated solutions. (Reporting by Sanjana Shivdas in Bengaluru; Editing by Aditya Soni)