Romanian tech startup UiPath raises USD 30 mln to develop intelligent software robots
Romanian tech startup UiPath, which specializes in Robotic Process Automation (RPA), has raised a USD 30 million Series A financing from Accel Parners, one of the biggest venture capital funds in the world. The company’s previous investors, Earlybird Venture Capital, Credo Ventures, and Seedcamp, also participated in this deal.
UiPath builds intelligent software robots that help businesses globally automate repetitive processes. The new funding will be used to accelerate the company’s global expansion. UiPath will also invest in product development including increasing AI capabilities.
“This investment will allow us to introduce the benefits of intelligent RPA to even more businesses around the world and remain at the forefront of a rapidly advancing industry,” noted Daniel Dines, CEO and founder of UiPath.
This is the biggest Series A financing ever raised by a Romanian startup. Series A financing is the first round of financing given to a new business after seed capital has already been provided. Earlybird Venture Capital, Credo Ventures, and Seedcamp previously invested USD 1.5 million in UiPath, in 2015.
UiPath was founded by Romanian entrepreneur Daniel Dines in a Bucharest apartment. The company launched its first products in 2013. In 2015, with the help of seed funding, UiPath started its international expansion and opened offices in London, New York, Bengaluru, Singapore, and Tokyo. The company also increased its team from 25 to 100 programmers in just a few months.