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Romania-founded startup UiPath extends Series C financing to $265 mln

Romania-founded startup UiPath extends Series C financing to $265 mln CEO and founder of UiPath Daniel Dines

BUCHAREST (Romania), November 15 (SeeNews) - UiPath, a robotic process automation (RPA) startup founded in Romania, said on Thursday that it has extended its series C funding round to $265 million (235 million euro) from $225 million in September, taking the company to a total record market valuation of $3 billion.

The funding extension was created by enabling employees to gain some liquidity, as employees were invited to participate at the same share price that investors received in the round, UiPath said in a press release.

The company plans to use the funds to support its accelerated product development ambitions, deepen its ecosystem of partnerships to deliver complementary AI-enabled solutions, broaden the role of RPA in enterprise process automation initiatives, and invest in M&A opportunities.

UiPath closed the extension of its Series C financing with a strategic investment from IVP, Madrona Venture Group and Meritech Capital.

"I am honored to have IVP, Madrona Venture Group and Meritech Capital as new investors in UiPath. Their leadership and guidance will no doubt help us continue to define and lead the Automation First era for customers everywhere. UiPath has had many funding options and I believe we have selected the investors that align best with our culture and beliefs.,” said Daniel Dines, co-founder and CEO of UiPath.

UiPath expects to end 2018 with more than 1,700 employees, a three-fold increase in 12 months, with operations in 30 offices across 16 countries, it said in September.

In May, UiPath has acquired a platform from Cluj-based smart data company Recognos and will open a new office to develop it.

In March, UiPath has obtained a $153 million Series B investment led by venture capital firm Accel Partners, boosting its market value to over $1.1 billion and thus becoming the first Romanian unicorn company.

'Unicorn' is a business term used when a startup company is valued at over $1 billion.

In April last year, UiPath obtained another $30 million Series A funding from Accel, which it has used to accelerate its global expansion and product development.

UIPath is a US-based company founded in Romania, with additional offices in the UK, India, Singapore and Japan. The company has over 200 global customers, such as Cognizant, Deloitte, KPMG, PWC, and TCS.

($=0.8852 euro)