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UiPath's specialized models will outperform GPT-4 on enterprise document tasks
“But in the end, we will beat, you know, any performance of GPT-IV or whatever, and they would be extremely reliable.”
Future AI systems will rely on small, dedicated models for routine tasks
“I don't think so, because I think nature is pretty smart. And if you look at how our Brain operates. We have a very good cognitive engine, but we are not using that cognitive engine to do trivial tasks. It's way too expensive. If you want to learn to swim or t…”
Dines: UiPath founder maintains a controlling stake in the company
“Even today I have a controlling stake in UiPath.”
UiPath has never written custom code for a single customer
“Even today, I don't think we have a line of code built for one customer.”
UiPath generated more revenue in Japan than the US in 2017
“Japan, in 2017, was a country that brought us more revenue than US.”
UiPath CEO: Enterprise founders must love sales to hire great salespeople
“Especially in enterprise business, sales is as important as the technology, and it's not enough for them to understand the basic of sales. They need to love it. Because if you don't love it, you are not gonna hire really good people.”
Dines: Large enterprises lack a single repository of truth for processes
“Because even if it's counterintuitive, in large enterprises, there is no single repository of truth. And knowledge about what they are doing.”
Dines: Lacking a local market forces founders to think globally from day one
“Starting out of Romania has the advantage that Romania has no market, so we had to think globally, so, and remotely.”
Multiple VCs passed on UiPath because Dines demanded founder control
“There were a few funds that passed on us. And it was interesting, not valuation, but it was, they couldn't they couldn't accept to, leave me the control of the company.”
Dines: Early UiPath automated tasks in minutes that took days in competitor software
“It would have taken days in other software, using very cumbersome process, it's days.”
Dines: Partners open enterprise doors, but direct sales must close deals
“In our case, partners are not so important for us for reselling the technology. Partners are important to open the door and to implement our technology. But to win the deal, it's us. It's rare that the partner can win the deal for us.”
Dines: Earlybird Digital East accepted common shares in UiPath seed round
“They ended up signing common shares in the end.”
Dines: Tapping technical business users was key to UiPath's success
“This is one of the pillar of our success. We tapped into a rather large population of people that are not necessarily pro devs, but they have a basic programming knowledge, and they can easily be trained into our technology, and they can deliver automation.”
UiPath Developing Internal Multimodal Model Named Project Foundation
“We have a dual strategy. We have something called project foundation. So we are building internally You know, this dual model model that understands both text and images that we want to put at the foundation of many of our task-based automation.”
Dines: Most of UiPath's current product relies on ideas from 2011–2013
“Even today, most of our the way our product works is based a lot on the ideas, you know, that we incubated during these two years.”
Dines: Founders should not build a product in search of a market
“We build a product in the search of a market, actually, but unexpectedly we found the market, which is not, I would not recommend to anyone do this, but that, that happened.”
UiPath's DocPath and ComPath AI models are T5-based LLMs trained on company data
“Yes, they are yes, this is what I refer to. They are these T-five based LLMs, but trained with a lot of A lot of the data that we gather.”
UiPath's first customer paid $10,000 without negotiation after Dines guessed the price
“And he asked me, how much do you want for a license? And I thought, look, I had no idea. So, In a, on a, you know, on a hunch, I said, like, 10,000 dollars, and next day, basically, he wired the money without any negotiation, nothing.”
Dines: Document understanding is one of UiPath's fastest-growing businesses
“In one of our fastest growing business is this document understanding business.”
Dines: Many UiPath enterprise customers use multiple LLMs
“We discovered that many of our customers actually use multiple LLMs.”