UiPath rival EvoluteIQ raises 53M to accelerate global expansion of its agentic AI platform

London-based enterprise automation startup EvoluteIQ has closed a $53 million minority growth round led byBaird Capital, fueling plans for global expansion. Founded in 2019 but grounded in technology concepts dating back to 2004, the company has developed a platform designed to streamline and automate entire business workflows, tackling the issue of fragmented automation tools in large enterprises.
Co-founder and CEOSameet Gupte, who brings over 20 years of experience in technology and financial services leadership roles, heads EvoluteIQ’s effort to replace piecemeal automation with proactive, intelligent orchestration. The platform leverages its proprietary Agentic Mesh Architecture, along with an AI Workbench, to deliver autonomous and scalable workflow automation across various sectors, including banking, insurance, healthcare, telecom, and manufacturing.
“The Agentic AI market represents a fundamental shift from reactive automation to proactive, intelligent orchestration. Baird Capital’s expertise in scaling technology companies, network, and global resources will help us accelerate our journey as we focus on driving transformative growth through outcome-driven agentic models,” said Gupte.
EvoluteIQ’s approach differs from established players like UiPath, Automation Anywhere, and Appian by offering a unified low-code/no-code platform that integrates process orchestration, data management, and AI-driven decision-making. Instead of cobbling together separate tools, EvoluteIQ’s architecture enables multiple intelligent agents to collaborate autonomously, reducing deployment times, enhancing operational resilience, and promoting trust with transparent AI models.
Daina Spedding, Director in Baird Capital’s Global Private Equity team, added, “EvoluteIQ has earned its place alongside other automation trailblazers, bringing deep expertise and addressing a critical AI need across the enterprises they serve.”
The company has demonstrated strong traction, with positive EBITDA, net retention rates exceeding 180%, and a compound annual growth rate of over 100%.
With Baird Capital joining its board and providing global reach, EvoluteIQ aims to deepen its footprint, particularly in healthcare, insurance, and financial services, while widening adoption in the mid-market sector.