UiPath on Monday announced a $225 million Series E round, pushing its valuation to $10.2 billion.
Founded in 2005, UiPath builds technology called Robotic Process Automation, or RPA. It involves systems that use AI to learn and then take over routine and mundane software processes and business workflows from human workers. The company has more than $400 million in annual recurring revenue.
“COVID-19 has heightened the critical need of automation to address challenges and create value in days and weeks, not months and years,” UiPath CEO Daniel Dines said in a statement. “We are committed to working harder to help our customers evolve, transform, and succeed fast in the new normal.”
UiPath has a R&D hub in Bellevue, Wash., nearby Microsoft’s headquarters.
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