UiPath announced it has closed a $750 million Series F funding round at a post-money valuation of $35 billion a massive spike in just 8 months since its previous raising.

Just two years ago the company was valued at only $7 billion following a $568 Series D fundraising, a $225 series E round bumped up the valuation to just over $10 billion.

The round was co-led by existing investors Alkeon Capital and Coatue. Other returning investors include Altimeter Capital, Dragoneer, IVP, Sequoia, Tiger Global, and funds and accounts advised by T. Rowe Price Associates, Inc.

The huge acceleration in digital transformation projects – often underpinned by a large component of automation has put the sector in the hot seat. 10 months ago, for instance, rival Blue Prism raised $124M at a valuation of $1.2B. In 2019 Automation Anywhere raised $290M at a valuation of $6.8 Billion.

According to Abhi Arun, Managing Partner at Alkeon Capital, “Automation has become a strategic imperative that is fundamentally changing the way organizations operate. We are excited to co-lead this round of funding, as well as continue to team up with the UiPath team during an important phase for the company.”

UiPath says it is on a mission to unlock human creativity and ingenuity by enabling the Fully Automated Enterprise and empowering workers through automation, although not all of those workers will have jobs at the end of the process.

The company claims its  Automation Platform is designed to transform the way humans work, providing customers with a robust set of capabilities to discover automation opportunities and build, manage, run, engage, measure, and govern automation across departments within an organization.

However, while it’s true that automation tends to augment work done by humans rather than replace it entirely, the consistent feedback Which-50 gets from companies implementing RPA is that the business case justification is based on overall headcount reduction, or – and this is becoming more common – a deceleration in headcount growth.

Like a lot of digital technology, the uptake of automation has accelerated during the COVID shutdown, a point that is likely reflected in the most recent, and frankly stunning, valuation for UIPath.

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