Investors are jumping on the bandwagon — though in its current form, the market may never be big enough to justify the nosebleed valuations for bot start-ups such as UiPath, which recently joined the ranks of highly valued private companies known as unicorns.

“There are a lot of tedious processes that involve taking information from this place and entering into that place,” says Rich Wong, a partner at venture capital firm Accel, which led a $153m investment this week in UiPath, giving the company founded in Bucharest and now headquartered in New York a valuation of $1.1bn.

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