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Romania-founded startup UiPath raises $568 mln in new financing

Romania-founded startup UiPath raises $568 mln in new financing

BUCHAREST (Romania), April 30 (SeeNews) - UiPath, a robotic process automation (RPA) startup founded in Romania, said on Tuesday that it has closed its series D funding round, raising $568 million (510 million euro) at a post-money valuation of $7 billion.

At the $7 billion valuation, UiPath is one of the fastest growing and highest-valued AI enterprise software companies worldwide, UiPath said in a press release.

"We are at the tipping point. Business leaders everywhere are augmenting their workforces with software robots, rapidly accelerating the digital transformation of their entire business and freeing employees to spend time on more impactful work," UiPath CEO and co-founder Daniel Dines said.

Since closing its Series A funding in April 2017, the company managed to cultivate the world’s largest community in RPA, now exceeding 400,000 users worldwide across 200 countries, to increase annual recurring revenue from $8 million to over $200 million and to increase headcount to over 2,500, a 16x increase during the period, it added.

At end-March, UiPath opened on Tuesday in Bucharest its first immersion lab in the EMEA region following a 500,000 euro investment, and said it plans to open more around the world.

Last year, UiPath managed to grow its market value to over $1.1 billion following various successful financing rounds, thus becoming the first Romanian unicorn company. 'Unicorn' is a business term used when a startup company is valued at over $1 billion.

UiPath was created in 2015 on the foundations of DeskOver - a company established in 2005 in Bucharest by entrepreneurs Daniel Dines and Marius Tirca.

UiPath is currently US-based and is present with 21 offices in 45 countries in North America, Europe and Asia.

($=0.8982 euro)