SINGAPORE: A New York-based robotic process automation software company is set to double its employees in India to 60 after raising USD 30 million which will boost hiring for its products globally.
The move by UiPath comes as several companies are increasingly looking for artificial intelligence to solve the sorts of routine tasks, such as checking invoices and inputting data from human resource forms into databases, that they once outsourced to low-cost human contractors.
UiPath, that uses computer-vision to automate repetitive business processes involving software, said today it will be looking to double its size to 60 persons in Bangalore, using part of the Series A investment funding closed yesterday.
“Bangalore is an extension of a highly talented team that forms UiPath’s development and Product hub,” said Raghunath Subramanian, UiPath’s President & CEO for India and Asia Pacific.
“We see very good potential among the local Indian banks, who could benefit from RPA efficiencies, enabling them to become more competitive, and reach a wider, under-banked population,” he said.
Robotic process automation (RPA) could help lower the cost of providing banking services, making it more accessible for more Indians, reducing their reliance on cash and extending previously unavailable credit lines and other banking services to the rural poor, he said.
“In the near future, we will be incorporating artificial intelligence and cognitive capabilities that will allow companies to handle and automate much larger amounts of unstructured data, as well as developing further our core computer vision technology,” he said.
The funding will also support continued investment in product development and artificial intelligence capabilities, especially around its core computer vision technology.
The Series A investment was led by US-based Accel and with participation from previous investors from Europe, Earlybird Venture Capital and Seedcamp as well as Prague-based Credo Ventures.
The funding will be used to accelerate the company’s rapid global expansion and product development.–PTI
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