Tuca Zbarcea & Asociatii has advised Accel on its EUR 30 million Series A investment, made in participation with Earlybird Venture Capital, Credo Ventures, and Seedcamp, into UiPath, a robotic process automation software company. The funding will be used to accelerate UiPath's global expansion and product development.
UiPath builds intelligent software robots that help businesses automate repetitive processes by leveraging cutting-edge computer vision technology. The US-based company was founded in Romania, and has additional offices in the UK, India, Singapore, and Japan. The company has 200 customers and over 150 partners around the world. According to a UiPath press release, "large organizations across every industry spend a significant amount of time and resources performing such processes across HR, finance, accounting and operations (e.g. claims handling for insurance providers, employee onboarding, back office support etc). Digitizing these processes improves productivity, accuracy and compliance dramatically, allowing employees to focus on more creative and strategic work."
"This investment will allow us to introduce the benefits of intelligent RPA to even more businesses around the world and remain at the forefront of a rapidly-advancing industry,” commented UiPath CEO and Founder Daniel Dines. “We are making work more inspiring and effective for the people that drive our businesses and economies forward, and the potential that remains untapped for organizations is what makes this such an exciting market to work in.”
“UiPath is the backbone for the intelligent enterprise,” Luciana Lixandru, Partner at Accel, commented. “Daniel’s clear and ambitious vision for the company has helped drive impressive traction in a short period of time. Many enterprises around the world are recognizing how its RPA software can make their business smarter, and yet UiPath has only scratched the surface.”
The TZA team was led by Partner Sorin Vladescu, supported by Managing Associate Mihaela Nyerges.