• June 19, 2024

RPA technology provider UiPath this week netted $225 million in additional funding that raised its valuation to more than $10 billion.

Rumors began reaching the public several weeks ago that a Series E funding round was imminent for the New York City-based RPA software company. While UiPath announced layoffs in October, the company’s leadership said it was fundamentally sound and that the market for automation technology, including RPA, was still favorable. The investment community agreed, with Alkeon Capital Management leading yet another nine-figure raise.

The global Covid-19 pandemic has also contributed to a challenging business environment where automation has become increasingly important for companies looking to maintain productivity amid higher unemployment.

“This funding allows us to accelerate our platform ambitions to meet mounting customer demands and scale the tremendous opportunity to bring automation to one billion citizen developers – resulting in every business finally becoming a software business,” said Daniel Dines, co-founder and CEO of UiPath. “We will advance our market-leading platform and will continue to deepen our investments in AI-powered innovation and expanded cloud offerings. Covid-19 has heightened the critical need of automation to address challenges and create value in days and weeks, not months and years. We are committed to working harder to help our customers evolve, transform, and succeed fast in the new normal.”