Romanian unicorn UiPath prepares financing round to put its value over USD 10 bln
UiPath, the leading enterprise Robotic Process Automation (RPA) software company, founded by Romanian entrepreneurs Daniel Dines and Marius Tirca, is preparing a new round of financing that would increase its market value to over USD 10 billion, Bloomberg announced citing people familiar with the matter.
This new funding would mean a significant increase from the last round, which took place in April 2019 and valued the company at USD 7 billion.
UiPath's plans could still change, said Bloomberg's sources. A UiPath representative declined to comment.
Founded in Romania in 2005 under the name DeskOver and renamed UiPath in 2015, the company has added the CIA, the US Navy, McDonald's Corp, Duracell, and Swiss Re among its clients. In 2018, it became the first startup founded in Romania to acquire unicorn status (over USD 1 bln valuation).
Dines said in February that the company was also considering an initial public offering (IPO).
The company had revenues of USD 360 mln last year, after helping some of the largest US companies to automate their routine processes.
One of UiPath's competitors, Blue Prism Group Plc, went public in 2016. A smaller U.K.-based competitor, Softomotive Ltd., was acquired by Microsoft Corp. last month.
(Photo source: Facebook/UiPath)