BELLEVUE, WASHINGTON At the start of 2019, UiPath announced a $568 million funding round valuing the startup at $7 billion.
It quickly became the world's most-funded AI startups and was hailed by analysts as nearly unbeatable in its offerings. The company specializes in robotic process automation, which aims to help companies automate common, repetitive, and mundane computer tasks.
Then, in October, UiPath laid off roughly 400 jobs and parted ways with a chief financial officer who had only been at the company since January. The move was aimed at eliminating positions or individuals that were key to achieving success as a startup, but were not suited to help UiPath continue to grow, according to head of AI products PD Singh.
Instead, the firm had to prepare for its future including a potential initial public offering (or IPO) and that required individuals with a growth mindset. PD Singh is the head of AI products at UiPath UiPath
"It was just a natural part of that evolution that you needed to get rid of that baggage," he told Business Insider at UiPath's Bellevue, Washington, office. "These things are natural. This was a startup which was working in a very scrappy mode but that's not how things eventually would be done in a company which is either IPO'ing or post-IPO."
Singh did not expect any additional layoffs in 2020, but noted that anything was possible. "Everybody is dispensable here, including me," he said. "If there's one thing I've learned in technology, you shouldn't get hung up about layoffs."
Instead, UiPath is looking to put those layoffs behind them and scale the business in 2020. Last year, "we put good stakes in the ground in terms of the product lanes that are needed by our customers," Singh said, adding that this year will be all about "scaling the installation of those product lines."
Singh a former head of product at Microsoft who joined UiPath in 2018 outlined the three steps the company is taking to grow.
RPA has the potential to save companies hundreds of millions of dollars every year in reduced operating costs. But for UiPath to grow, Singh says it needs to find more real-world examples to tout.
"With RPA being a fledgling industry and AI itself being a fledgling industry one of the things that's going to make us not be too buzzy or not be too frothy is real use cases. And real use cases working at scale," he said.
UiPath already has big-name clients using its platform. Chevron, for example, is using RPA in a limited capacity to automatically open email attachments and upload them to a common database, a project they want to scale to the whole enterprise.
Japan's Sumitomo Mitsui Banking Corporation is also using the technology to save an estimated $500 million annually by the end of 2020.
Similar to how developers helped populate the app store for iPhone, UiPath is hoping to expand its network of partners that can build upon its own platform.
"Having that partner network is super important," said Singh. "In the AI team right now, I have [an] initiative to light up our strategic [global systems integrators] that we will train" to use UiPath's offerings to develop custom solutions for clients.
That goal is relatively easy, he added, because the company can focus on high-demand verticals based upon how quickly the industries can adopt the tech.
Healthcare, for example, is much more highly regulated and has a higher barrier of entry for new applications. On the other hand, oil and gas companies can typically implement technology much faster.
Singh is confident in UiPath's current product line, but says a goal will be to continue meeting customer demands for new offerings.
"If you have a good sense of what your customers want and you keep innovating in the direction of the customer need, that's what makes your company the top company in the world," he said.
UiPath gets ample feedback from clients to help inform future development. A key metric is daily active robots, which simply refers to how many models are currently in use. The company is also active on forums with developers to learn about pain points with its tools, and it offers select customers private previews of offerings not yet ready for primetime.
"We have about 150 different models that are in production," Singh said.
If you are an individual who was laid off from UiPath (or a current employee) and would like to share your experience at the company, I can be reached at JWilliams@businessinsider.com or on Signal/WhatsApp at (309) 265-6120.
Continued here:
- History of Evolution | Internet Encyclopedia of Philosophy - December 9th, 2016 [December 9th, 2016]
- Evolution - Bulbapedia, the community-driven Pokmon encyclopedia - December 12th, 2016 [December 12th, 2016]
- What is Evolution - explanation and definitions - December 21st, 2016 [December 21st, 2016]
- Evolution (2001 film) - Wikipedia - January 28th, 2017 [January 28th, 2017]
- EvolutionM.net - Mitsubishi Lancer Evolution | Reviews, News ... - February 1st, 2017 [February 1st, 2017]
- YMCA evolution continues at lake - Gaston Gazette - February 7th, 2017 [February 7th, 2017]
- Ivanka Trump's Beauty Evolution, From 1998 to Today Watch - Us Weekly - February 7th, 2017 [February 7th, 2017]
- Lumpy, hairy, toe-like fossil could reveal the evolution of molluscs - The Guardian - February 7th, 2017 [February 7th, 2017]
- How Evolution Alters Biological Invasions - ScienceBlog.com (blog) - February 7th, 2017 [February 7th, 2017]
- Cultural evolution and the mutilation of women - The Economist - February 7th, 2017 [February 7th, 2017]
- Late-night hosts on the evolution of Trump: 'Dickish to dictatorish' - The Guardian - February 7th, 2017 [February 7th, 2017]
- Gold's Gym Regina rebrands to become Evolution Fitness - Regina Leader-Post - February 7th, 2017 [February 7th, 2017]
- Incremental Versus Radical Innovation: A Response to Josh Swamidass on Evolution and Cancer - Discovery Institute - February 7th, 2017 [February 7th, 2017]
- Blockchain: Investment (R)Evolution For Developing Markets - Forbes - February 7th, 2017 [February 7th, 2017]
- See the Evolution of the Famed Porsche 911 in 7 Photos - WIRED - February 7th, 2017 [February 7th, 2017]
- Exhibition charts 500 years of evolution of robots - Phys.Org - February 7th, 2017 [February 7th, 2017]
- How evolution turned ordinary plants into ravenous meat-eaters - Wired.co.uk - February 7th, 2017 [February 7th, 2017]
- Are Evolution Fresh Drinks 'Poison'? - snopes.com - February 7th, 2017 [February 7th, 2017]
- Non-Chromosomal DNA Drives Tumor Evolution - The Scientist - February 8th, 2017 [February 8th, 2017]
- Chimpanzee feet allow scientists a new grasp on human foot evolution - Phys.Org - February 8th, 2017 [February 8th, 2017]
- 'Goldilocks' genes that tell the tale of human evolution hold clues to variety of diseases - Science Daily - February 8th, 2017 [February 8th, 2017]
- Pac-Man is Coming to 'The Sandbox Evolution' Next Week - Touch Arcade - February 9th, 2017 [February 9th, 2017]
- Chimpanzee feet allow scientists a new grasp on human foot ... - Science Daily - February 9th, 2017 [February 9th, 2017]
- Bacteria sleep, then rapidly evolve, to survive antibiotic treatments - Phys.Org - February 9th, 2017 [February 9th, 2017]
- Orangutan squeaks reveal language evolution, says study - BBC ... - BBC News - February 9th, 2017 [February 9th, 2017]
- Evolution gives rhyme its reason - Aurora News Register - February 9th, 2017 [February 9th, 2017]
- Deeper origin of gill evolution suggests 'active lifestyle' link in early vertebrates - Science Daily - February 9th, 2017 [February 9th, 2017]
- From Tara Palmer-Tomkinson to Cara Delevingne: the evolution of the It girl - The Guardian - February 10th, 2017 [February 10th, 2017]
- Banned TED Talk: Rupert Sheldrake The Science Delusion - Collective Evolution - February 10th, 2017 [February 10th, 2017]
- VOTD: Watch the Evolution of Keanu Reeves' Acting Career - /FILM - February 10th, 2017 [February 10th, 2017]
- Pokmon Go Eevee evolution: How to evolve Eevee into Vaporeon, Jolteon and Flareon with new names - Eurogamer.net - February 10th, 2017 [February 10th, 2017]
- Horse evolution bucks evolutionary theory - Science News - February 10th, 2017 [February 10th, 2017]
- Samsung's Chromebook Pro highlights the category's continued evolution - TechCrunch - February 10th, 2017 [February 10th, 2017]
- Scientists solve fish evolution mystery - Phys.Org - February 10th, 2017 [February 10th, 2017]
- Wildfire evolution forces Forest Service into new thinking - The Daily Progress - February 11th, 2017 [February 11th, 2017]
- How the horse can help us answer one of evolution's biggest questions - Raw Story - February 11th, 2017 [February 11th, 2017]
- A primer on Darwin Day: Some religious groups embrace 'Theistic evolution' - LancasterOnline - February 11th, 2017 [February 11th, 2017]
- Apple: Evolution of in-car audio tech moving at 'speed of sound ... - Times of India - February 11th, 2017 [February 11th, 2017]
- Mariska Hargitay's Evolution from '80s Glam to Law & Order: Special Victims Unit - TVOvermind - February 12th, 2017 [February 12th, 2017]
- Evolution of baseball from power to speed has left SBs behind ... - Chicago Sun-Times - February 12th, 2017 [February 12th, 2017]
- More order with less judgment: An optimal theory of the evolution of cooperation - Science Daily - February 12th, 2017 [February 12th, 2017]
- J. Albert C. Uy speaks on evolution, biodiversity in bellied flycatcher population - The College Reporter - February 12th, 2017 [February 12th, 2017]
- See the Evolution of Movie Magic With Every Oscar Winner for Visual Effects in History - Gizmodo - February 12th, 2017 [February 12th, 2017]
- Numerology: Here's What Your Name Says About You - Collective Evolution - February 13th, 2017 [February 13th, 2017]
- The Evolution of Valentine's Day - Inside Science News Service - February 13th, 2017 [February 13th, 2017]
- Why evolution may be tech billionaires' biggest enemy - The Week Magazine - February 13th, 2017 [February 13th, 2017]
- Community Viewpoint: Evolution, like gravity, is much more than theory it is a fact - Kdminer - February 13th, 2017 [February 13th, 2017]
- How the horse can help us answer one of evolution's biggest questions - Phys.Org - February 13th, 2017 [February 13th, 2017]
- How evolution alters biological invasions - Science Daily - February 13th, 2017 [February 13th, 2017]
- Cockeyed squid shines light on deep sea evolution - Christian Science Monitor - February 13th, 2017 [February 13th, 2017]
- Eye Evolution: A Closer Look - Discovery Institute - February 14th, 2017 [February 14th, 2017]
- Evolution always wins: University of Idaho video game uses mutating aliens to teach science concepts - The Spokesman-Review - February 14th, 2017 [February 14th, 2017]
- Geneticists track the evolution of parenting - Phys.Org - February 14th, 2017 [February 14th, 2017]
- How this cockeyed squid shines a light on deep sea evolution - Christian Science Monitor - February 14th, 2017 [February 14th, 2017]
- 4 Possible Roadmaps For macOS and iOS Evolution - The Mac Observer (blog) - February 15th, 2017 [February 15th, 2017]
- The Evolution of the Energy Capital of the World - Texas Monthly - February 15th, 2017 [February 15th, 2017]
- Humons presents an atypical dance evolution - Detroit Metro Times - February 15th, 2017 [February 15th, 2017]
- Pokemon Go Adds 80 Generation 2 Pokemon, New Evolution Items This Week - IGN - February 15th, 2017 [February 15th, 2017]
- Fossil discovery rewrites understanding of reproductive evolution ... - Science Daily - February 15th, 2017 [February 15th, 2017]
- 'X-Men: Evolution' Is the Gateway Drug of Comic Book Shows - Geek - February 16th, 2017 [February 16th, 2017]
- A cultural catch: Evolution of wooden halibut hooks carved by native ... - Science Daily - February 16th, 2017 [February 16th, 2017]
- Bremerton's Fitness Evolution now Planet Fitness - Kitsap Sun (blog) - February 16th, 2017 [February 16th, 2017]
- Eye Evolution: The Waiting Is the Hardest Part - Discovery Institute - February 16th, 2017 [February 16th, 2017]
- Evolution Of The Yeezy: 2009-2017 - HotNewHipHop - February 16th, 2017 [February 16th, 2017]
- Prebiotic evolution: Hairpins help each other out - Science Daily - February 16th, 2017 [February 16th, 2017]
- This 'Live Birth' Fossil Could Change Humanity's Understanding Of Evolution - Daily Caller - February 16th, 2017 [February 16th, 2017]
- Mysterious Ancient Stonehenge-Like Circles Found in Amazon Rainforest - Collective Evolution - February 16th, 2017 [February 16th, 2017]
- 'Pokemon Go': How to Evolve Poliwhirl Into Politoed - Heavy.com - February 17th, 2017 [February 17th, 2017]
- 'Pokemon Go': How to Evolve Slowpoke Into Slowbro or Slowking - Heavy.com - February 17th, 2017 [February 17th, 2017]
- 'Pokemon Go': How to Evolve Gloom Into Bellossom - Heavy.com - February 17th, 2017 [February 17th, 2017]
- Pokmon Go Dragon Scale - how to evolve Seadra into Kingdra and how to get the Dragon Scale - Eurogamer.net - February 17th, 2017 [February 17th, 2017]
- Pokmon Go Eevee evolution: How to evolve Eevee into Umbreon, Espeon, Vaporeon, Jolteon and Flareon with new ... - Eurogamer.net - February 17th, 2017 [February 17th, 2017]
- University of Pittsburgh guest speaker discloses evolution findings - UTA The Shorthorn - February 17th, 2017 [February 17th, 2017]
- 'Pokemon Go' Special Items: Drop Rates for Evolution Items & Berries at Pokestops - Heavy.com - February 17th, 2017 [February 17th, 2017]
- How Vedic Philosophy Influenced Nikola Tesla's Idea of 'Free Energy' - Collective Evolution - February 18th, 2017 [February 18th, 2017]
- Migration to America took long enough for evolution to happen on the way - Ars Technica - February 18th, 2017 [February 18th, 2017]
- How To Choose Your Eevee Evolution In 'Pokmon GO:' Umbreon And Espeon Edition - Forbes - February 18th, 2017 [February 18th, 2017]
- Evolution Items - IGN - February 18th, 2017 [February 18th, 2017]
- Congo River fish evolution shaped by intense rapids: Genomic study ... - Science Daily - February 18th, 2017 [February 18th, 2017]
- Pokmon Go - How to evolve, use Special Items, when to evolve or Power Up your Pokmon - Eurogamer.net - February 18th, 2017 [February 18th, 2017]