Robotic automation company UiPath files to go public — revenue up but it’s still losing money

UiPath co-founder and CEO Daniel Dines

UiPath

Robotic path of automation company UiPath filed its IPO prospectus with the Securities and Alternate Rate on Friday, and plans to list on the Fresh York Inventory Alternate beneath the ticker symbol PATH.

The corporate introduced in $607.6 million in income for the fiscal 365 days ended Jan. 31 — an 81% soar from final 365 days, in conserving with the submitting. The corporate moreover turned cash-wobble alongside with the stream particular in 2020, as 365 days-over-365 days win losses fell from $519.9 million in 2020 to $92.3 million in 2021.

UiPath, which ranked No. 50 on final 365 days’s CNBC Disruptor 50 list, uses man made intelligence to fabricate software program robots that allow firms automate support-office, repetitive and time-piquant tasks. The plan is to pass folk far from this work and allow them to point of curiosity on issues that instruct extra label to a company.

“Covid-19 has heightened the serious need of automation to tackle challenges and produce label in days and weeks, now no longer months and years,” co-founder and CEO Daniel Dines acknowledged in a July instruct.

With staff faraway and firms taking a gaze to elevate efficiency, firms had been an increasing selection of turning to UiPath’s technology. And traders hold taken picture.

In February, the company turned one in all the most treasured privately held tech firms in the U.S., having raised $750 million at a $35 billion valuation — one who might perhaps presumably moreover substandard it among the many most treasured Fresh York Metropolis-basically based tech firms at the time of its Wall Boulevard debut.

And while the most treasured firms hold consistently come from Silicon Valley and San Francisco, Fresh York is poised to elevate a elevated a part of bucks and attention this 365 days. On Wednesday, DigitalOcean, a provider of facts heart and cloud technology, started trading on the NYSE.

In health care, insurance company Oscar started trading on the NYSE earlier this month and is now worth about $6.2 billion. In finance, on-line home insurer Lemonade went public final July and is now valued at $6.1 billion. Compass, a tech-powered true property brokerage, filed its varieties in early March, following income boost final 365 days of 56% to $3.7 billion.

Founded in 2005, UiPath says it has nearly 8,000 customers, in conjunction with Amazon, Financial institution of The United States and Uber. Closing week, the company offered that it added DocuSign CEO Dan Springer to its board.

The prospectus says UiPath intends to list Class A widespread stock, even though the selection of shares and label vary for the proposed offering hold but to be determined. It moreover identifies Morgan StanleyJPMorganFinancial institution of The United States Securities and Credit ranking Suisse because the lead underwriters.

Dines’ letter from the submitting is beneath:

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