UiPath CEO Daniel Dines image: UiPath

Robotic process automation (RPA) company UiPath has raised $568 million in Series D funding at a $7 billion post-money valuation. Coatue Management led the round, with participation from Dragoneer, Wellington, Sands Capital, funds advised by T. Rowe Price, and existing investors Sequoia Capital, Alphabet’s CapitalG, Accel, IVP, and Madrona Venture Group.

New York-based UiPath has grown its employee count to more than 2,500, a 16x increase from when it closed Series A funding in April 2017. The company says its annual recurring revenue (ARR) has grown to over $200 million, having exceeded 400,000 users of its RPA software worldwide. As of recent, UiPath has attracted new customers like Google, Duracell, McDonalds, Uber, The US Navy, Virgin Media, and Orange. The company has now raised $1 billion in total funding according to Crunchbase data.

(Second from left) Coatue Management founder Philippe Laffont Photograph by Kevin Moloney/Fortune Brainstorm Tech

“UiPath is improving business performance, efficiency and operation in a way we’ve never seen before,” Coatue Management founder, Philippe Laffont said in a press release. “The Company’s rapid growth over the last two years is a testament to the fact that UiPath is transforming how companies manage their resources. RPA presents an enormous opportunity for companies around the world who are embracing artificial intelligence, driving a new era of productivity, efficiency and workplace satisfaction.”

Other companies like UiPath that have raised huge funding recently include Magic Leap, Coursera, and Rivian Automotive. Companies like SoFi, Carbon, and Starry are also said to be in talks to raise huge funding.

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