Months After Reaching $7 Billion Valuation, UiPath Confirms Layoffs, Cites 'Efficiency' Push As Appetite For Big Spenders Cools

UiPath CEO Daniel Dines, seen here with technologist Kai-Fu Lee at a May tech event in Paris, ... [ ] recently approved layoffs to more than 10% of the startup's workforce. Investors looking for fresh signs the party is over for high-valued tech companies got more ammunition on Wednesday as robotic process automation company UiPath confirmed layoffs of several hundred employees just months after raising money at a $7 billion valuation. UiPath, a Bucharest, Romania-founded business now based in New York, said the layoffs affected between 300 and 400 employees, or about 11% of its workforce. The company said its chief financial officer is stepping down at year's end in what it says is an unrelated move. News of the layoffs and departure were first reported by the New York Business Journal.