Romanian enterprise software startup UiPath aims to automate businesses’ more rote back-office functions with the help of a software platform that leverages artificial intelligence tools like computer vision, machine learning and natural language processing.
Recently, investors have taken notice. UiPath just announced it had raised $30 million in a Series A venture funding round led by Accel, which includes a $1.6 million seed round raised last year from Seedcamp, Earlybird and Credo Ventures.
Founded in 2012, UiPath has grown to employ 150 people and includes some 200 large enterprises across a number of verticals to its customer base, said TechCrunch, including Lufthansa, Telenor and Dong Energy.
Businesses leverage UiPath’s platform to develop software bots. About 30 percent of the software startup’s customers are reportedly located in the U.S., 40 percent in Europe and some 30 percent in Asia.
With the latest funding round, the company reportedly plans to add additional sales staff and build out its product to better meet existing demand.
“This investment will allow us to introduce the benefits of intelligent [robotic process automation] to even more businesses around the world and remain at the forefront of a rapidly-advancing industry,” Daniel Dines, CEO and founder of UiPath, was quoted as saying.
Grand View Research projects that the RPA software market is expected to grow tremendously inside the next decade. By 2024, the RPA market could be worth $8.75 billion, up from $125.2 million in 2015 — a CAGR of 60 percent.
Likewise, research suggests that RPA solutions cost 60 percent less than paying a human in-house worker to perform the same back-office task.
“We are making work more inspiring and effective for the people that drive our businesses and economies forward,” Dines continued. “The potential that remains untapped for organizations is what makes this such an exciting market to work in.”