UiPath, an automation software company originally founded in Bucharest, has raised $153 million in a Series B round led by Accel with participation from CapitalG, Kleiner Perkins Caufield & Byers, Earlybird, Credo Ventures, and Seedcamp.
The company, which is now headquartered in New York, develops enterprise robotic process automation (RPA) software for automating business processes and ensuring compliance.
Per reports, the funding round will likely value the company at more than $1 billion. According to UiPath, its customer base grew to 700 (including BMW and Huawei) in 2017 with annual recurring revenue growing times eight while it raised $30 million in a Series A round. The company will now be investing the new funds in accelerating its product roadmap and developing features in machine learning and AI.
“RPA is proving to be an unrivaled technology for driving real digital transformation and delivering better business outcomes incredibly fast,” said Daniel Dines, CEO of UiPath. The RPA sector is tipped to be worth $1.1 billion.
“With our tremendous growth in 2017, it is now clear that every organization in the world can benefit significantly from RPA.”
Accel partner Rich Wong will be joining the company’s board alongside existing Accel board member Luciana Lixandru.