UiPath CEO Daniel Dines. Photo credit: Noam Galai/Getty Images for TechCrunch, under Creative Commons license

New York-based Robotic Process Automation (RPA) company UiPath has announced it’s raised $225 million in new funding at a post-money valuation of $10.2 billion. The new funding, a Series E, was led by Alkeon Capital Management, a New York-based hedge fund, and with participation from the likes of Coatue Management, Accel, Dragoneer, Tiger Global, T. Rowe Price, Sequoia Capital, and Chinese tech giant Tencent. UiPath says it’s currently doing $400 million in annual recurring revenue (ARR), a sizeable boost from about $200 million in 2018 and a relatively minuscule $8 million in 2017. From 2017 up until now, UiPath has raised $1.2 billion in funding, representing the majority of the funding that the company has raised since its inception in 2015.

“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,” UiPath CEO Daniel Dines said in a statement.