UiPath, an enterprise robotic process automation (RPA) software company was founded in Bucharest by Romanian entrepreneurs Daniel Dines (Pictured and Marius Tirea. The company recently raised USD 153 million during a new funding series, following the achievement of a record growth the previous year.

However, the figure that has been reported is higher than the amount propagated by previous media reports, and five times more than the last years USD 30 million Series A financing. It also makes UiPath the first Romanian founded “tech unicorn” with a financial value of USD 1.1 billion. UiPath was founded in Romania with its headquarters located in New York.

The USD, 153 million Series B funding, was provided by previous investor Accel, which led the round, which also included new investors such as CapitalG and Kleiner Perkins Caufield & Byers. UiPath seed investors include Earlybird’s Digital East Fund, Credo Ventures, and Seedcamp. These companies also significantly participated in the round.

The raised funds will be used to “accelerate the company’s product roadmap, particularly innovations that integrate machine learning (ML) and AI algorithms within customers digital business operations,” as stated by UiPath’s spokesperson. UiPath specializes in developing virtual robots (digital workers) based on artificial intelligence. These “robots’ are designed to perform repetitive tasks in various business sectors.

Also, UiPath plans to continue the expansion of its global operations with the opening of new offices in Amsterdam, Houston, Munich, Paris, Seoul, and Washington D.C. this quarter. The company is also planning to be listed in the NASDAQ within two or three years, as reported by the local media.

In 2017, UiPath enterprise’s customer base grew from less than 100 customers to over 700 customers, indicating an eight times growth in the annual recurring revenue. The company’s new customers include the BMW Group, Dairy Farm Group, Dentsu Inc., Huawei, and Sumitomo Mitsui Financial Group.

UiPath has recently employed more than 590 people in 14 countries. It has also established a network of over 120,000 RPA developers worldwide.

CapitalG (formerly known as Google Capital) is a venture capital fund financed by the Alphabet Inc., Google’s parent company. Kleiner Perkins Caufield & Byers (KPCB) is a Silicon Valley-based venture capital firm that backed ventures such as Amazon.com, Electronic Arts, Google, Sun Microsystems and Twitter.

Cybersecurity solutions provider Bitdefender has been reported to be one of the most valuable Romanian IT companies so far. The company ended the previous year with an announcement of a USD 600 million valuation.