In early 2020, venture firms CapitalG and IVP each considered investing in Olive, a startup using artificial intelligence to automate repetitive tasks for healthcare workers. But the two firms ultimately passed on the potential investment, in part because their respective partners concluded it could conflict with both companies’ prior stakes in UiPath, an older startup with a similar business, said three people with direct knowledge of the matter.
Tiger Global Management took a different view. After investing in UiPath in July last year, it approached Olive about leading the startup’s next funding round. At least one UiPath executive who had heard about Tiger’s interest in Olive was uneasy about the firm backing a potential competitor, according to one of the people. By the time UiPath asked Tiger about the situation, it was too late. Tiger had completed the Olive deal.