• July 24, 2024

According to published reports, RPA technology provider UiPath is chasing a funding round that could result in a valuation in excess of $10 billion. The rumored raise would be its first since April 2019, when it netted $568 million.

UiPath did not comment on the original report from Bloomberg News, and the report’s unidentified sources said plans “could still change.”

Despite a round of layoffs by UiPath in the fall, the global Covid-19 pandemic has resulted in businesses across a spectrum of verticals turning to RPA as a response to an economic environment that is forcing them to be more productive with fewer employees and to implement cost-cutting measures. Several studies conducted since the onset of the global public health emergency predict organizations will accelerate their automation plans and that those plans will include RPA.

UiPath CEO Daniel Dines has noted in public statements that the company’s customers in retail, health care and finance were exploring RPA to manage “drastic shifts in demand” caused by the pandemic.