• May 22, 2024

UiPath, the RPA technology provider that has raised more venture money than any other company in the space, is at it again. Despite beginning the process that will enable it to go public, the New York City-based business turned to the private investment market one more time, securing $750 million in additional funding.

The most recent round brings the total raised by UiPath to about $2 billion, implying a valuation of $35 billion.

Sources told CNBC the massive raise is shoring up the company’s cash position so it can conduct its planned IPO via a “direct listing.” According to the report, a direct listing is when the organization lets existing shareholders sell shares to new investors immediately instead of raising capital first by issuing new shares. UiPath did not confirm the CNBC report.

Notable tech companies that went public in this manner include Spotify and Slack. The move maximizes value for original shareholders of the company if the stock rises immediately after the IPO.

The Series F funding round was led by existing investors Alkeon Capital and Coatue, with additional participation from Altimeter Capital, Dragoneer, IVP, Sequoia, Tiger Global and T. Rowe Price.