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Accel leads $153m series-B round for UiPath

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Venture capital house Accel Partners has led a $153m series-B funding round for UiPath, a robotic process automation software company.

Previous investor Accel led the round, with new investors CapitalG and Kleiner Perkins Caufield & Byers participating. Seed investors Earlybird (via its Digital East Fund), Credo Ventures and Seedcamp also took part in the round.

The new financing will be used to accelerate the company's product offering, in addition to expansion plans with new offices planned in Amsterdam, Houston, Munich, Paris, Seoul and Washington DC in the first quarter of 2018.

Accel partner Rich Wong joins the company's board of directors, with Luciana Lixandru already serving on the board following Accel's lead in the previous series-A round.

Previous funding
Earlybird, Credo and Seedcamp structured a round of growth capital funding for UiPath in July 2015, according to Unquote Data.

Accel led a $30m series-A funding round for the company in May 2017. Previous investors Earlybird Venture Capital, Credo Ventures and Seedcamp also took part in the round.

The new funding was used to hire staff to keep up with increasing product demand, and was also invested in product development and artificial intelligence capabilities.

Company
Established in 2012, UiPath is a developer of robotic process automation software. It aims to cut corporate spending on HR, finance, accounting and operations through digitalisation.

The company was headquartered in Bucharest but recently moved its base to New York. It operates additional offices in the UK, India, Singapore and Japan. UiPath employs a staff of 590 in 14 countries.

UiPath's customer base grew from 100 customers to 700 in 2017, according to the firm. New customers include BMW Group, CenturyLink, Dairy Farm Group, Dentsu, Huawei, Morningstar and Sumitomo Mitsui Financial Group.

People
Accel Partners – Rich Wong, Luciana Lixandru (partners).
UiPath – Daniel Dines (co-founder, CEO).
CapitalG – Laela Sturdy (partner).
Kleiner Perkins Caufield & Byers – Alex Kurland (partner).
Earlybird Digital East Fund – Dan Lupu (partner).

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