Yet another Ukrainian-founded unicorn: airSlate raises more than $50 million in the US

Yesterday airSlate (previously known as pdfFiller), a Boston-based business automation software publisher, announced it secured $51.5 million in a deal that values the company at $1.25 billion.

The equity round was led by G Squared with participation from the recently created venture arm of entreprise software company UiPath. 

“UiPath Ventures invests in companies that impact the world around us and further our purpose of accelerating human achievement. airSlate falls firmly into that category,” said Vijay Khanna, Chief Corporate Development Officer at UiPath.

Touting itself as a “no-code innovation leader,” airSlate says it gives teams “the power to automate any part of [their] business using a single, no-code, easy-to-configure solution.” Its solutions are compliant with “industry-leading security and compliance standards to keep all important data safe and secure.”  

The company claims 900,000 customers and 100 million users worldwide.

“Now more than ever, we see huge demand from organizations of all sizes that need the agility and efficiency of the no-code airSlate platform to drive their business. This partnership with UiPath affirms the vision behind airSlate while exposing our solution to a broader enterprise market. The no-code revolution is only beginning, and partnerships like this will help power our team to innovate even more quickly, providing seamless business automation, and best-in-class functionality for our customers.” — airSlate CEO Borya Shakhnovich.

airSlate’s funding round includes a “strategic partnership” with UiPath. Both companies “believe there is a significant opportunity to remove mundane work and complement workers in small businesses with software robots that can help them both better serve customers and improve employee happiness.” 

This partnership will “support the UiPath mission to build a new layer in the enterprise IT stack – the automation layer that will sit above existing systems and infrastructure and complete mundane work that is done by humans,” according to airSlate 

As previously reported by Ukraine Digital News, pdfFiller was co-founded in 2007 by Ukrainian entrepreneur Borya Shakhnovich. pdfFiller is now just one of the company’s products. 

In 2019, airSlate raised a $30 million round from investment firm General Catalyst (USA) and Horizon Capital (Ukraine). In early 2021, the company closed a $40 million Series B round from three major US funds — including General Catalyst and Morgan Stanley Expansion Capital; — then attracted another $50 million in debt financing from Silicon Valley Bank.

There is a range of Ukrainian-founded unicorns in the USA, and even two decacorns — Grammarly and GitLab — as reported by Ukraine Digital News.

This story also appeared in bne Intellinews, a syndication partner of Ukraine Digital News.

Topics: Corporate venturing, Finance, International, News, Software, Startups, Venture/Private equity
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