HighRadius, an artificial intelligence-powered order-to-cash and treasury management software, raised $125 million in a Series B funding round.
ICONIQ Capital led the round with participation from existing investors Susquehanna Growth Equity and Citi Ventures. The company plans to use the new capital to accelerate its continuing platform development and expand its geographic reach.
HighRadius develops a fintech enterprise software that automates accounts receivable and treasury processes with AI-based autonomous systems. The HighRadius integrated receivables platform reduces cycle times in the order-to-cash process through automation of receivables and payments processes across credit, electronic billing and payment processing, cash application, deductions, and collections.
The HighRadius treasury management applications help finance teams achieve touchless cash management, accurate cash forecasting, and seamless bank reconciliation.
Powered by the Rivana (machine learning algorithms trained on over $1 trillion in receivables per annum to automate routine tasks and provide insights such as predicting invoice payment dates) and Freeda (a digital assistant for order-to-cash teams), HighRadius enables finance teams to leverage machine learning to predict future outcomes and automate routine labor-intensive tasks.
“We’re thrilled to support HighRadius’ efforts to bring innovative AI capabilities to the financial side of the enterprise,” said Will Griffith, Partner at ICONIQ Capital.
“As we have seen in many of our portfolio companies and past investments, including BlackLine and Coupa, digital transformation is increasingly a CFO priority. HighRadius fits squarely into our commitment to invest in best-in-class, long-term technology businesses driven by incredible teams, and we look forward to working alongside Sashi and the rest of the HighRadius team through their next phase of growth.”
Atlas Technology Group advised HighRadius for this transaction.