Robotic process automation provider UiPath Inc. is reportedly holding talks with prospective investors about raising new financing.

Bloomberg, which reported on the negotiations Wednesday, cited sources as saying that the potential funding round could value UiPath at more than $10 billion. The company was most recently valued at $7 billion after raising a $568 million investment that included Alphabet Inc.’s CapitalG fund and Accel.

The tipsters didn’t specify how much UiPath is hoping to raise or from whom. However, they did caution that the company’s funding plans “could still change.”

With more than 5,000 customers worldwide, UiPath is one of the largest players in the rapidly growing RPA market. RPA software helps enterprises automate repetitive chores such as filling forms by observing how employees perform a task in a business application and creating a software “robot” that replicates their workflow. In May, SiliconANGLE sister market research firm Wikibon released research estimating that the total addressable market expansion opportunity for the RPA segment could exceed $30 billion.

That same month, UiPath released a major product update to expand the range of automation opportunities it can go after in enterprise. The update introduced UiPath StudioX, a tool that enables business users to create automations without having to turn to a developer, as well as numerous other features. Chief Executive Daniel Dines (pictured) has stated that his goal is to provide a “robot for every person.”

The $3 billion valuation bump UiPath could reportedly receive if it raises new funding may partially be a reflection of its revenue growth. Bobby Patrick, the company’s chief marketing officer, detailed on SiliconANGLE Media’s theCUBE last month that “our business is now well over $400 million in ARR.” Elaborating, Patrick said that from March to April, “the number of new companies and new logos [was] at a record high, and we’re entering into this quarter now and we have some 20-plus million dollar deals that are likely to close.”

UiPath has raised more than $920 million in funding to date. Its top competitor, San Jose, California-based Automation Anywhere Inc., has received $840 million from investors, according to Crunchbase, and had a reported valuation of $6.8 billion in November. Other players in this market include Microsoft Corp., which expanded its presence recently by acquiring veteran RPA software maker Softomotive Ltd. for an undisclosed amount.

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