UPDATED 08:30 EDT / OCTOBER 04 2018

EMERGING TECH

UiPath opens up its one-stop shop for robotic process automation tools

Robotic process automation company UiPath Inc. today launched a marketplace for its artificial intelligence tools and services in order to help enterprises on their path to business automation.

RPA, as the discipline is known, is a subset of AI that uses software robots to observe workflows in common business applications and then deduce ways to automate repetitive tasks.

UiPath builds software robots that monitors users’ individual keystrokes as they interact with applications such as enterprise resource planning and customer relationship management, identifying repetitive patterns and suggests ways to automate them. Eliminating a few keystrokes may seem trivial, but the savings can be enormous when applied to hundreds or thousands of users. Automation also reduces errors and improves speed.

UiPath, which recently landed a $225 million round of funding to take its valuation to $3 billion, said it has been on an epic growth curve that recently saw its annual recurring revenue pass $100 million, up from only $1 million 21 months earlier. It also claims more than 1,800 customers, with new customers coming on board at a rate of six per day. It expects annual recurring revenues to increase more than fourfold this year from 2017, while its workforce is expected to triple, to 1,700 employees.

With that in mind, there’s no better time for UiPath to double down on what it’s been doing, and that’s what the launch of its new “Go!” marketplace is all about. Announced at the company’s UiPathForward Americas conference today, the marketplace is designed as a one-stop shop for RPA tools and content including reusable components, machine learning models and training materials that can be used to build new software robots.

“The collaborative Go! platform was created to enable anyone in the UiPath community to be more productive by having access to a whole suite of reusable components, highly rated skills and professional services, and products that rapidly accelerate the automation process,” company officials said in a statement.

UiPath's Go! marketplace

UiPath’s Go! marketplace

Some examples of RPA robots include “George,” which last year was deployed at the National Aeronautics and Space Administration. UiPath Chief Marketing Officer Bobby Patrick spoke about George during an interview on theCUBE, SiliconANGLE’s livestreaming studio, explaining that it was tasked by NASA with interacting with information technology systems and performing business processes.

Other robots include “Sunny,” which was deployed by a Florida bank in order to improve the processing of complex transactions across multiple systems to facilitate home loan applications. Meanwhile, a company called West Monroe Partners in Chicago, Illinois, is using a robot called “Rosie” to keep pace with the onboarding process for new employees.

Alongside the new marketplace, UiPath said it’s investing $20 million into two funds it has created in order to accelerate the adoption of RPA. The funds include the UiPath Venture Innovation Fund, which invests in “AI-focused partners” involved in fields such as machine learning, business process management and process mining and intelligence.

The other one is the UiPath Partner Acceleration Fund, which is an accelerator for startups in related fields.

“Backed by a $20 million investment in just the first year, UiPath is making a serious commitment to both accelerate our partners RPA and AI capabilities and their ability to deliver vertically oriented solutions, while also fueling an ecosystem that is committed to simplicity and radically faster automation outcomes for all customers,” Chris Morgan, global vice president of partners and alliances at UiPath, said in a statement.

Images: UiPath

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