Romania-born Uipath has closed a $750mn Series F funding round at a post-money valuation of a massive $35bn, the company said in a press release. 

The enterprise Robotic Process Automation (RPA) software company founded by Romanian entrepreneurs Daniel Dines and Marius Tirca is understood to be preparing for an IPO. This was not commented on when the funding was announced, but Abhi Arun, managing partner at Alkeon Capital, which co-led the funding round, said it came “during an important phase for the company.”

Alkeon co-led the round alongside another existing investor, Coatue. Other returning investors include Altimeter Capital, Dragoneer, IVP, Sequoia, Tiger Global and funds and accounts advised by T. Rowe Price Associates, Inc., the press release said. 

According to UiPath, its Automation Platform is “designed to transform the way humans work, providing customers with a robust set of capabilities to discover automation opportunities and build, manage, run, engage, measure and govern automations across departments within an organisation”.

“Automation has become a strategic imperative that is fundamentally changing the way organisations operate. We are excited to co-lead this round of funding, as well as continue to team up with the UiPath team during an important phase for the company,” said Arun. 

The company closed its previous funding round, for $225mn, in July 2020. The previous round put the company’s value at $10.2bn.

Bloomberg reported in November that UiPath is working with JP Morgan Chase & Co., Morgan Stanley, Bank of America and Credit Suisse to prepare its IPO, scheduled for 2021. Earlier, Dines said in an interview with CNN that its IPO plans had been brought forward because of the pandemic. 

"We had plans for listing on the stock exchange before the coronavirus [COVID-19] pandemic, but we made a promise that we would apply for the IPO only when we were profitable. Now, the pandemic has accelerated our plans, we are in a very solid financial situation and we clearly plan to apply for the IPO next year,” Dines told the news channel in July.