US robotic automation software company UiPath is investing $35.2m in Paris-based AI startup Holistic and is planning to develop a “commercial relationship” with the company, according to a document filed at the start of May with the US Securities and Exchange Commission (SEC).
The filing states that UiPath’s investment is part of Holistic’s initial seed round — which has now been reported by Bloomberg to have closed at a whopping $200m.
UiPath is one of Europe’s biggest tech success stories, founded in Romania and listed on the New York Stock Exchange in 2021 for just under $36bn. It builds robotic process automation (RPA) software for enterprises — a technology that automates businesses’ more tedious and repetitive tasks. AI could significantly expand RPA’s capabilities.
Holistic was founded earlier this year in the French capital by a team that includes tech heavyweights Karl Tuyls, Laurent Sifre and Julien Perolat, who have all come from the ranks of Google DeepMind; as well as former Stanford University researcher Charles Kantor.
It is understood that US VC Accel is currently leading the company’s seed, according to four sources. One source tells Sifted that the round comprises $80m in equity investment and $120m in convertible bonds, bringing Holistic’s valuation to $370m. Convertible bonds are a form of debt financing that can be converted into equity after specific conditions have been met.
Business Insider first reported details of the round.
In the SEC filing, UiPath — which is also an Accel portfolio company — states that the $35.2m investment is split between equity and convertible bonds.
UiPath did not respond to a request for comment.
What does Holistic do?
Holistic is pitching itself as a builder of “multi-agent AI”, according to two sources, which consists of building systems made of multiple AI “agents” that can interact to achieve a goal within a given environment.
Researchers say that this architecture could enable AI systems that are more high-performance, flexible and capable of solving more complex problems than existing models.
UiPath’s investment and plan to partner with Holistic show that the French startup, even at seed stage, is already securing interest from commercial partners for its tech.
UiPath has already started integrating AI into its technology, which it says can expand its RPA’s capabilities to include processes such as understanding documents or carrying on conversations and chats.
Holistic’s team did not return Sifted’s request for comment.
