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The Romanian Unicorn: UiPath raises around 120 mln dollars investment for software robots for internal business tasks

TechCrunch has learned that Romanian RPA developer UiPath, a startup that builds ‘software robots' for enterprises to help automate legacy and back-office functions, has raised a Series B round of funding that sources tell us is around 120 million Us dollars — a round that will catapult it to a valuation of over 1 billion dollars.

2018-03-05 17:38:21

The company is announcing the funding this week. In april last year, the company announced it got 30 million dollars financing from Accel Partners, an American venture capital firm, specializing in seed, early and growth-stage investments and has funded many technology companies including Facebook, Dropbox, Atlassian, Flipkart, Spotify among others. The Series A funding includes a USD 1.6 million seed round UiPath raised last year from Earlybird, Credo Ventures and Seedcamp.

UiPath is a Romanian start–up based in USA and offices in six countries, specializing in development and selling of Robotic Process Automation / RPA solutions and products. In 2006, the current CEO of the company, Daniel Dines, had been completed a stage of his career at Microsoft Hq in US and, together with the current technology manager of UiPath, Marius Tirca, put the bases of their future dream that now encompasses UiPath.

In 2013, the start-up really started to take shape and emerged on the market with a ready-to-market product, an "enterprise" automation platform that currently, it is being sold to the largest corporations in the world, according to representatives of the company. Until 2015, the company secured its own financings and expanded with offices in US and, in August 2015, UiPath accessed the first seed-type investment round from Earlybird Venture Capital, Credo Ventures and Seedcamp. One year later, in 2016, following two product versions already launched and a team of programmers that grew from 25 to 100, UiPath opens offices in London, New York, Bengaluru, Singapore and Tokyo.

The start-up has about 200 large companies among its customers, including Lufthansa, Generali, Telenor and Dong Energy, besides companies operating in sectors such as banking and financial service, insurance manufacturing, utilities, healthcare and government. For the next five years, the company plans to achieve revenues of around 100 million US dollars.


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