UiPath, the robotic process automation startup that has grown up like gangbusters, filed confidential paperwork with the SEC today ahead of a possible IPO.
” UiPath, Inc. today announced that it has submitted a enlist enrollment affirmation on a confidential basis to the U.S. Securities and Exchange Commission( the “SEC”) for a proposed public render of its Class A common stock. The number of shares of Class A common stock to be sold and the toll array for the proposed offering have not yet been determined. UiPath intends to commence the public offering following completion of the SEC critique process, subject to market and other conditions ,” the company said in a statement.
The company had given rise to more than $1.2 billion from investors like Accel, CapitalG, Sequoia and others. Its biggest parent was $568 million to be provided by Coatue on an affecting$ 7 billion valuation in April 2019. It raised another $225 million led by Alkeon Capital last July when its valuation rose to $10.2 billion.
At the time of the July raise, CEO and co-founder Daniel Dines did not shy away from the idea of an IPO, telling me 😛 TAGEND
We’re evaluating the market conditions and I wouldn’t say this to be vague, but we haven’t chosen a period that says on this day we’re going public. We’re actually in the mindset that says we should be prepared when the market is ready, and I wouldn’t be surprised if that’s in the next 12 -1 8 months.
This definitely falls within that window. RPA aids companies take highly repetitive manual assignments and automate them. So for example, it could pull a number from an invoice, fill in a number in a spreadsheet and send an email to accounts payable, all without a human hold it.
It is a technology that has enormous plea right now because it enables companies to take advantage of automation without ripping and superseding their legacy methods. While the company has raised a ton of money, and accompanied its valuation take off, it will be interesting to see if it will get the same positive acknowledgment as business like Airbnb, C3. ai and Snowflake.
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