UiPath raises $225 million to automate repetitive back-office tasks

Robotic process automation startup UiPath today announced it has closed a $225 million funding round, bringing its total raised to over $1.2 billion. While the new round is roughly half the $568 million UiPath raised last April, it catapults the New York-based company's post-money valuation to $10.2 billion, up from $7 billion in 2019 and $3 billion in 2018. CEO Daniel Dines says the funding will be used to scale UiPath's platform and deepen its investments in "AI-powered innovation" as it expands its cloud software-as-a-service (SaaS) offerings. The round will also likely lay the groundwork for future strategic deals, following UiPath's acquisition of startups StepShot and ProcessGold last October. RPA -- technology that automates monotonous, repetitive chores traditionally performed by human workers -- is big business.