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New York-listed automation firm UiPath introduced, on August 1, 2022, that it had acquired Re:infer, a pure language processing (NLP) startup based mostly in London for an undisclosed quantity.
UiPath makes a speciality of robotic course of automation (RPA) know-how and affords a cloud-based platform that permits companies to automate operational actions. Re:infer, in distinction, employs AI and NLP know-how to assist enterprises mine text-based communications for information and insights.
In a press launch, Ted Kummert, EVP of Merchandise and Engineering at UiPath, emphasised the complementarity of the 2 corporations, describing automation and AI as “a pure pair.”
The functions of AI to enterprise contexts are myriad, and corporations have an ample alternative of assets — together with Google, Microsoft, and Amazon cloud computing platforms — to construct their very own machine studying (ML) engines.
Nonetheless, Re:infer focuses on making use of AI to a selected side of enterprise exercise: customer-brand interactions. Texts reminiscent of emails, chat logs, and social media posts are analyzed to gauge buyer sentiment, prioritize incoming messages, and extract information for threat administration and monitoring functions.
Based in 2015 by AI researchers from College School London, Re:infer makes use of transformer structure — the identical know-how behind language language fashions, machine translation and most up-to-date ML fashions — to research textual content. The corporate additionally makes use of different ML methods to extra effectively discover patterns in communications.
Re:infer affords a zero-code platform wherein enterprises could construct customized ML fashions and monitor enterprise information through dashboards.The corporate’s goal sectors embrace finance, e-commerce, insurance coverage, and telecommunications, and its clientele contains Farfetch, HISCOX, Expedia, and UBS.
Previous to its acquisition by UiPath, the corporate was VC backed, having raised USD 7.6m as of February 2022 from quite a few companies together with Seedcamp, IP Group, and Crane Enterprise Companions.
RPA + AI
Based in Romania in 2015, UiPath is now headquartered in New York. Its automation software program and SaaS platform are utilized by the likes of Google, Airbus, and NASA.
Whereas RPA know-how is right for automating repetitive duties — reminiscent of connecting to system APIs, copying and pasting information, and extracting structured content material — machine studying engines of the kind utilized by Re:infer can extract insights from language and course of unstructured content material.
Yash Tulsuni of UiPath Company Growth, in a LinkedIn submit, stated that UiPath first met with Re:infer founder Edward Challis in January 2022. The 2 groups have, based on the submit, “spent intensive time collectively” over eight months.
On the rationale for the acquisition, UiPath stated in his weblog that Re:infer “provides to UiPath’s automation capabilities by unlocking the worth of the huge quantities of unstructured information in a company.” UiPath went on to say that “automation and AI are the know-how energy couple.”
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UiPath beforehand acquired Cloud Parts, an API integration platform, for USD 36m in March 2021. In October 2019, the corporate purchased ProcessGold, a course of mining firm, for USD 35.2m.
UiPath has an annual recurring income of USD 977m and, for the full-year 2023, expects income to exceed USD 1bn, based on the corporate’s first quarter outcomes.
The corporate was listed on the New York inventory alternate in April 2021 in one of many largest US software program IPOs in historical past, elevating USD 1.34bn. Nonetheless, its share value has since fallen by round 70%.
UiPath’s share value elevated by round 6% after the announcement of the Re:infer acquisition.
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