The CEO of Automation Anywhere, which just raised $290 million in a round led by Salesforce Ventures, says that the $6.8 billion automation startup will be a Google to rival UiPath’s Yahoo (CRM)
- Automation Anywhere has raised $290 million in a Series B funding round led by Salesforce Ventures. The investment boosts the robotic process automation startup’s valuation to $6.8 billion.
- The funding news comes just two weeks after Automation Anywhere CEO Mihir Shukla found himself reacting to bad news at his rival UiPath, which laid off 400 people and said its respected CFO was leaving. The news cast a pall on the fast-growing RPA market.
- Shukla said his company’s news showed the RPA market was growing and continued to attract strong investor interest. He said Automation Anywhere’s success also underscored its more thoughtful approach to growth than some of its peers.
- “You can blitz-scale, you can scale at an unprecedented rate, but it requires deeper thought on how you do that,” he said, adding: “Otherwise many bad things happen.”
- Click here for more BI Prime stories.
Two weeks after its rival UiPath’s bad news cast a pall on the world of robotic process automation, Automation Anywhere has stepped up to show the market remains hot in the eyes of investors.
Automation Anywhere on Thursday said it had just raised $290 million from investors in a round led by Salesforce Ventures, boosting the startup’s valuation to $6.8 billion.
“This reiterates our leadership position and the strength of the RPA market,” Automation Anywhere’s CEO and founder, Mihir Shukla, told Business Insider. RPA refers to software that helps businesses automate common, repetitive computer tasks.
Just two weeks ago, Shukla found himself having to defend the category after UiPath, which had just raised $568 million at a $7 billion valuation, suddenly laid off 400 people and announced that its well-regarded chief financial officer, Marie Myers, was leaving.
That led to speculation that RPA was all hype, which Shukla flatly rejected.
“Absolutely not,” Shukla told Business Insider then.
On Thursday, Shukla said Automation Anywhere’s funding news showed “overall market conditions have become more rational, which is always a good thing.”
“They are more thoughtful about where the real value lies so there is definitely more thoughtfulness behind the investments now than a year or two ago,” he said. “It’s a good thing. Irrational exuberance is never good.”
In fact, the new investment in Automation Anywhere underscores what he described as the startup’s more thoughtful approach to growth in one of the most vibrant segments of tech.
“You can blitz-scale, you can scale at an unprecedented rate, but it requires deeper