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Romania-founded startup UiPath raises $225 mln new financing, hits record mkt valuation

Romania-founded startup UiPath raises $225 mln new financing, hits record mkt valuation CEO and founder of UiPath Daniel Dines

BUCHAREST (Romania), September 18 (SeeNews) - UiPath, a robotic process automation (RPA) startup founded in Romania, said on Tuesday that it has closed its series C funding round, raising $225 million (193 million euro) and reaching a total record market valuation of $3 billion.

The company plans to use the additional funding 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, it said in a press release.

The round was co-led by existing investor CapitalG and new investor Sequoia Capital. Accel, which led both UiPath Series A and B rounds also participated in this round.

We are enabling a future where employees at every organization are empowered to automate tedious and time-consuming work, enabling them to focus on creative, challenging problems,” 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.

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.

($=0.8562 euro)