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by Romanian Reporter - Tuesday, February 2, 2021 9:04 AM
UiPath, the most valuable IT start-up founded in Romania, announced a new financing agreement on Monday, February 1st. The series F financing round, in the amount of $750 million, raises the company valuation to over $35 billion.
The company, now incorporated in the US, was founded in 2005 in an apartment in Bucharest by the Romanian entrepreneurs, Daniel Dines and Marius Tirca. Later it opened offices in London, New York City, Bangalore, Paris, Singapore, Washington, D.C., and Tokyo. It is now the most valuable brand and the leader of the RPA (Robotic Process Automation) market, competing with Microsoft Power Automate, Blue Prism, or Automation Anywhere.
UiPath had reached $360 million in annual revenues in 2020, working with over 6.300 clients, including Amazon, Bank of America, or Verizon. In 2018 it became the first Romanian unicorn company, evaluated at $1.1 billion after the series B investment round.
Although it was founded in 2005, it was almost 10 years later when the founders focused on the RPA market and raised the first institutional capital. In August 2015, UiPath (renamed from DeskOver), closed an initial seed funding round of $1.6 million from Earlybird Venture Capital, Credo Ventures, and Seedcamp.
The momentum increased in 2017, with a $30 million investment for a total valuation of the company of $110 million. This was one of the biggest Series A rounds of funding in Europe, led by Accel and joined by previous investors Earlybird Venture Capital, Credo Ventures, and Seedcamp.
The subsequent investment rounds:
In December last year, UiPath filed a confidential draft registration statement with the United States Security and Exchange Commission (SEC) for an initial public offering. The company will work with JPMorgan Chase, Morgan Stanley, Bank of America, and Credit Suisse on the listing on the Nasdaq stock exchange, planned for 2021.