Romanian unicorn UiPath expects $10bn valuation in new financing round

Romanian unicorn UiPath expects $10bn valuation in new financing round
By bne IntelliNews June 19, 2020

Enterprise robotic process automation (RPA) software company UiPath, founded by Romanian entrepreneurs, is preparing a new round of financing that would increase its market value to over $10bn, Bloomberg reported 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 $7bn.  

The company had revenues of $360mn last year.

A UiPath representative declined to comment on the report. UiPath's plans could still change, said Bloomberg's sources.

Founded in Romania in 2005 under the name DeskOver and renamed UiPath in 2015, the company has 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 (a valuation of over $1bn).

One of the company’s founders and owners, Daniel Dines, said in February that the company was also considering an initial public offering (IPO).

One of UiPath's competitors, Blue Prism Group Plc, went public in 2016. A smaller UK-based competitor, Softomotive Ltd., was acquired by Microsoft Corp. last month.