UiPath lays off hundreds 6 months after hitting $7.1B valuation

UiPath has laid off between 300 and 400 employees, or roughly 11% of its workforce, according to Forbes. The New York Business Journal first reported on the move. Marie Myers, who joined UiPath as CFO in January, is reportedly stepping down, but plans to stay on in a transitional role until the end of the year.

The layoffs come about six months after the company more than doubled its valuation to $7.1 billion with a Series D in April. CMO Bobby Patrick told Forbes that the layoffs are part of a shift in strategy to "balance growth with efficiency." UiPath offers robotic process automation software to help businesses perform repetitive tasks. It has raised nearly $1 billion in VC financing from backers including Accel, Sequoia, Coatue and Dragoneer.

Related read: A look at VC's soaring interest in robotics & drones

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