HighRadius is an AI-powered Order-to-Cash, and Treasury Management SaaS company.

HighRadius announced Tuesday its raise of $300 million in a Series C round at a valuation of $3.1 billion. D1 Capital and Tiger Global led the round which also received participation from existing investors ICONIQ Growth and Susquehanna Growth Equity. (PYMNTS.com)

Also taking part in the round were Frank Slootman, Chairman and CEO of Snowflake (NYSE: SNOW), Michael Scarpelli, CFO of Snowflake, Tooey Courtemanche, CEO of Procore Technologies, and Howie Liu, Co-founder and CEO of Airtable.

In January 2020, the startup raised $125 million in a Series B round that valued it at “more than $1 billion.” It has therefore tripled its valuation in slightly over a year and cumulatively raised $475 million.

HighRadius and the digitally empowered CFO

HighRadius uses AI to automate its management of Accounts Receivable and Treasury functions. Users benefit from optimized cash flow, a reduction in days sales outstanding (DSO) and bad debt, and improved operational efficiency.

“Offices of the CFO have historically relied on antiquated, analog processes and infrastructure to manage their accounts receivable and treasury functions,” said Daniel Sundheim, Founder of D1 Capital Partners, in a statement. “HighRadius is a clear leader in driving digital transformation in the Office of the CFO.”

“I look forward to working with such high-quality long-term investors who share a common vision of transforming the Office of the CFO using a combination of Artificial Intelligence built on top of connected finance workspaces and embedded analytics,” said Sashi Narahari, Founder and CEO of HighRadius.

More than 600 clients, including more than 200 of the Forbes Global 2000, optimize their working capital using HighRadius solutions.

The company will use the new funds to boost its product innovation and expand its global marketing reach.

IPO on the anvil

Narahari said in an interview with Bloomberg that HighRadius could possibly aim for a traditional IPO next year.

A reverse merger with a SPAC is strictly no-no, he said.

“SPAC is not something we believe in,” he said. “I think it’s BS.”

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