UiPath was founded in Bucharest by Romanians entrepreneurs Daniel Dines and Marius Tirca. After a first round of financing at $30 million, they received a $153 million financing in 2017. The value of UiPath is now over $1.1 billion. The financing comes from existing shareholders, such as Accel Partners.
“Although now headquartered in New York, UiPath was founded in Romania — a country well known for engineers but not for hatching many huge tech startups (although that is quickly changing). In the wider conversation we’ve been having about how the tech world is still too weighted in favor of Silicon Valley, it’s nice to see this example of how it’s gradually decentralising, and strong startups founded far from the Bay Area are getting the recognition they deserve,” reads the Techcrunch.com article announcing the second round.
UiPath specializes in RPA, Robotic Process Automation, one of the hottest topics for both Business Processes and for Artificial Intelligence and Machine Learning, developing virtual robots based on artificial intelligence that carry out repetitive tasks in sectors such as financial services.