UiPath, a Robotic Process Automation (RPA) software company, has raised $30million in a Series A funding led by Accel and past investors Earlybird Venture Capital, Credo Ventures and Seedcamp.
UiPath's solution helps businesses globally automate repetitive processes by leveraging computer vision technology. For instance, it can help digitise claims handling for insurance providers and back-end office support to improve productivity, accuracy and compliance. Currently, UiPath has 200 customers, including Lufthansa, Generali, Telenor and Dong Energy.
The new fund will be used to support continued investment in product development and artificial intelligence capabilities, especially around its core computer vision technology.
Additionally, the company will focus on cognitive capabilities enabling organisations to handle the vast amounts of structured and unstructured data required to deliver truly intelligent automation.
UiPath will also use the fund to accelerate its global expansion. Having opened its first Asian office in Singapore early this year, the company wants to further expand its team there to meet demands from local and international companies. So far, UiPath has seen significant interest for RPA from the government, financial services, telecoms, utilities and other sectors in the republic.
"This investment will allow us to introduce the benefits of intelligent RPA to even more businesses around the world and remain at the forefront of a rapidly-advancing industry," commented Daniel Dines, CEO and Founder, UiPath.
"We are making work more inspiring and effective for the people that drive our businesses and economies forward, and the potential that remains untapped for organisations is what makes this such an interesting market to work in," added Dines.
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