Romanian UiPath raised $30 million to further develop its product

Feature Photo Credit: http://economie.hotnews.ro

The Romanian startup UiPath raised 30 million dollars from several investors. The investment was led by American venture capital firm Accel Partners, one of the early backers of companies such as Facebook, Dropbox and Spotify, but also supported by the already existing UiPath’s investors such as Earlybird Venture Capital, Credo Ventures, and Seedcamp.

Reportedly the Romanian startup will invest the money to hire more sales staff in order to further expand its product.

Daniel Dines, CEO & Founder at UiPath / Photo credit: Daniel’s LinkedIn Profile

“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,” said Daniel Dines, CEO and founder of UiPath, business-review.eu reported.

The reason for investing in this startup, as explained briefly by the Accel partner Luciana Lixandru for Bloomberg, is the following:

Luciana Lixandru, Partner at Accel / Photo credit: Luciana’s LinkedIn Profile

“From a compliance perspective it makes a lot of sense because the software will log every step and if you need to go back and audit what happened you can,” Lixandru, the Accel partner who led the investment in UiPath, said in an interview, Bloomberg reported. “That means this can work well in highly-regulated industries like finance, healthcare and insurance.”

Founded in 2012, with its headquarters in New York, UiPath is the leading Robotic Process Automation vendor providing a complete software platform to help organizations to efficiently automate business processes with. According to the company the software, robot aims to manipulate the presentation layer of application software in the same manner a human does. To date, according to Bloomberg this startup has 150 employees.

In its portfolio, UiPath has, as stated by this startup, 200 large companies among its customers, such as Lufthansa, Generali, Telenor and Dong Energy. To date, UiPath is working with companies from many sectors such as banking and financial services, insurance manufacturing, utilities, healthcare and government. According to techcrunch.com, about 30 percent of its customers are in the US, 40 percent in Europe and 30 percent in Asia.

Accel Partners, on the other hand, is a leading venture capital firm that invests in people and their companies from the earliest days through all phases of private company growth. Atlassian, Braintree, Cloudera, DJI, Dropbox, Dropcam, Etsy, Facebook, Flipkart, Jet, Lookout Security, Qualtrics, Slack, Spotify, Supercell, and Vox Media are among the companies the firm has backed over the past 30 years.

 

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