Artificial intelligence (AI)-powered FinTech Software as a Service (SaaS) firm HighRadius raised $125 million in a Series B growth funding round, giving it a unicorn valuation, the company announced on Tuesday (Jan. 7).
The funding was led by ICONIQ Capital, with participation from existing investors Susquehanna Growth Equity and Citi Ventures. The money will be earmarked for geographic expansion and platform enhancements.
Over 400 companies – half of which are Forbes Global 2000 firms – use HighRadius for accounts receivable and treasury management. Its AI-based autonomous system aims to help companies optimize working capital.
Will Griffith, a partner at ICONIQ Capital, said they widely support the mission HighRadius is pursuing to bring AI to the financial side of businesses. “As we have seen in many of our portfolio companies and past investments, including BlackLine and Coupa, digital transformation is increasingly a CFO priority.”
He added that the HighRadius platform “is game-changing for CFOs and finance departments” and enables treasury and receivables teams to deliver a return on investment (ROI).
The HighRadius platform’s Rivana AI engine can automate routine tasks, while the Freeda Digital Assistant powers the firm’s touch- and voice-based Autonomous Receivables software. The platform’s AI-powered cash forecasting helps to prevent poor financing decisions.
“Today marks an important milestone for HighRadius, and we’re thrilled to have ICONIQ join us in our vision to modernize the order-to-cash space,” said Sashi Narahari, founder and CEO of HighRadius. “ICONIQ combines patient capital with a long-term vision of investing in category-defining businesses, and the firm has worked with some of the world’s most successful tech entrepreneurs. We are building HighRadius into a self-sustaining, long-term category leader, and ICONIQ is a great partner for us in this journey.”
Griffith added that backing HighRadius aligns with ICONIQ’s dedication to investing in top technology firms. “We look forward to working alongside Sashi and the rest of the HighRadius team through their next phase of growth,” he said.
High Radius launched its AI-based cash forecasting cloud solution on April 30 to provide corporate treasurers with real-time forecasting functionality without the need for manual data integration.