Today marked a milestone in our portfolio with our fourth exit, and first IPO.
Over the past few years we’ve had portfolio companies like Kimono Labs (acquired by Palantir), Lomotif, (acquired by ZASH), and CoverWallet (acquired by AON) exit in nine-figure transactions, but today’s UI Path IPO was a watershed moment in one of the largest software IPOs in US history, with the stock increasing 23% on the day.
Check out their performance here: UI Path (NYSE: PATH)
UI Path came out of Bucharest, and over the past years has scaled to over 3,000 employees, offering best in class “robotic process automation,” or RPA. Unlike other platforms, however, that highlight tech-only solutions, UI Path has always believed in a Human + Machine approach. To this end, the way in which we came to know the founders was based on an invitation by their CMO to speak at their annual conference in Miami, specifically about these “Two Cultures.” It’s only fitting that the way in which we met the company, on stage at their annual conference in front of thousands of attendees, was to highlight the very thing we –and they– believe in most. Over the following months we worked to invest in this great company.
Technology is not a singular solution, but a tool that supplements human instincts, behavior, and expertise. This Human + Machine approach propelled them to a roughly $36 billion dollar market cap, and pole position on the future of automation.
Thank you to all our friends and partners on this journey!