RPA specialist UiPath has secured $153 million in Series B investment, valuing the company at over $1 billion, the company announced this week. The funding – led by previous investor Accel Partners along with newcomers CapitalG and KPCB – is intended for R&D in the company’s machine learning and artificial intelligence product development, according to a UiPath announcement. UiPath will also open six new offices across Europe, Asia and the USA this quarter, the company said.

“I am thrilled to have such a strong set of investors and thought leaders supporting UiPath, and I am especially grateful for the continued support of Accel,” said Daniel Dines, UiPath CEO. “RPA is proving to be an unrivaled technology for driving real digital transformation and delivering better business outcomes incredibly fast. With our tremendous growth in 2017, it is now clear that every organisation in the world can benefit significantly from RPA. With the substantial commitment today by Accel, CapitalG and Kleiner Perkins, we are deepening our resolve to accelerate the delivery of AI through the UiPath platform, helping organisations and workers quickly become more sophisticated in everything they do.”

According to tech news magazine TechCrunch the new investment is something of a slamdunk: UiPath is now growing at over 500% annually, with one source telling the publication “I’ve never seen an enterprise company grow so fast!”.