UiPath, the Robotic Process Automation (RPA) company founded by Romanian CEO Daniel Dines and first backed by Google’s CapitalG fund in 2018, will shortly achieve over 5,000 percent growth and reach USD 200 million in annual recurring revenue (ARR), according to sources cited by Business Insider.
ARR is a metric used by software-as-a-service (SaaS) providers to reflect subscription revenues. UiPath provides “software robots” to enterprises on its SaaS platform, which automates back-office business tasks using AI.
In 2016, UiPath’s ARR was only USD 3.5 million, and rose to USD 150 million in November 2018. In the coming weeks, it’s expected to reach 200 million, meaning that the company will have grown by about a third in less than three months.
In early 2018, UiPath had 700 enterprise customers including BMW Group and Huawei, the armed forces and the US Internal Revenue Service.
UiPath is known as the first Romanian unicorn, as it reached a value of over USD 1 billion in 2018. It was founded in 2005 and its development team is still in Bucharest, Romania, but has offices in more than a dozen countries.