Romanian tech unicorn UiPath raises USD 40 mln more than planned in third financing round

UiPath, a startup that specializes in robotic process automation (RPA) and has developed an AI-based software platform that helps companies run repetitive back-office tasks, has completed its third financing round (Series C), raising a total of USD 265 million, USD 40 million more than the amount announced in September. The company’s valuation remains at USD 3 billion. New investors have joined the financing round, including IVP, Madrona Venture Group and Meritech Capital. In September, UiPath announced that it would raise USD 225 million from investors led by CapitalG (one of Google’s investment vehicles) and Sequoia Capital, reaching a USD 3 billion valuation. The announcement came only six months after the company raised another USD 153 million from Accel, CapitalG, Kleiner Perkins Caulfield & Byers and other investors, announcing a USD 1.1 billion valuation. Launched in Bucharest by two Romanian entrepreneurs, UiPath is one of the fastest-growing companies of the moment. The company says that its current annual recurring revenue is now USD 150 million, up from USD 100 million just two months ago, and the number of clients has reached 2,100, including 25 U.S. Government agencies such as the Army, Defense Logistics Agency, GSA, IRS, NASA, Navy and the Department of Veterans Affairs. editor@romania-insider.com (photo source: Uipath.com)