The revenues of Romanian IT company UIPath, already in the “unicorn club” made up of private companies worth at least USD 1 billion, will soon reach USD 200 million, according to unofficial sources quoted by Business Insider.

UiPath, which develops software automation solutions for companies based on artificial intelligence, posted only USD 3.5 million in revenues in 2016.

The company has earned USD 265 million in a funding round of CapitalG (Google's investment fund) and Sequoia Capital in September last year. The outcome of the investment round increased the implied value of the company from USD 1 billion to USD 3 billion, according to The Wall Street Journal.

In September 2018, one of the founders of the software automation firm, Daniel Dines, refused to provide the WSJ with annual financial figures, but he said that by the end of the year, UiPath would generate revenue of USD 200 million, up from USD 43 million in 2017 and only USD 3 million in 2016.

UiPath customers include General Electric Co., Walmart Inc. and Chevron Corp. Until now, UiPath has received total funding of over USD 400 million. UiPath capital rising operations were among the largest deals on Romania’s M&A market in 2018.

UiPath CEO: We have already produced several millionaires in Romania

editor@romania-insider.com

(photo source: UiPath.com)