PRAGUE/FRANKFURT, April 27 Romanian robotic
form-scanning software company UiPath has raised $30 million in
venture funding, marking one of the largest early-stage tech
investments to date in Central Europe
Global venture capital firm Accel led the so-called Series A
round, which included participation from previous investors
Earlybird Venture Capital, Credo Ventures and Seedcamp.
Earlybird and Credo have funds focused on Central Europe.
UiPath, which makes software that digitises mundane office
processes such as insurance claims handling and lost credit card
cancellations, increased revenue by six times during 2016, it
said on Thursday without providing figures.
After just two years in the market, the company has signed
up 200 customers, three-quarters of which have revenues over $10
billion and are some of the world's biggest companies in
financial services and other sectors, it said in a statement.
Its customers include German airline Lufthansa,
Italian insurer Generali and Norwegian telecoms
company Telenor .
"The market is interesting and the customer interest is
there," Accel partner Luciana Lixandru said in a telephone
interview. "This is a nascent market many people think is set
for rapid growth."
UiPath is expanding globally in a market that could be worth
an estimated $9 billion over the next seven years, Accel said.
The investment also marks a significant early stage
commitment in central and southeastern Europe where a tech-savvy
workforce has helped spark a start-up scene that is starting to
pique more interest from Western venture capital.
In UiPath's case, its founder and CEO, Daniel Dines, spent
five years working at Microsoft Corp headquarters in
Redmond, Washington, before returning to Romania to develop the
product and build his own company, Lixandru said.
The company, founded in 2012, now has 150 employees.
(Reporting by Michael Kahn and Eric Auchard; editing by David