Venture Capital: AI+Fintech+SaaS Startup HighRadius Achieves Unicorn Status
The firm’s latest raise of $125 million catapulted it into the unicorn club.
HighRadius is a Fintech enterprise Software-as-a-Service (SaaS) company that leverages Artificial Intelligence-based autonomous systems to help companies automate their Accounts Receivable and Treasury processes. It raised $125 million in a Series B growth funding round led by ICONIQ Capital. Existing investors Susquehanna Growth Equity and Citi Ventures also participated.
The HighRadius Rivana Artificial Intelligence Platform is currently built on a dozen machine learning algorithms to continuously learn and provide insights on all possible A/R and treasury scenarios. These include use cases such as:
- predicting invoice payment dates,
- validation of deductions,
- predicting customer default,
- forecasting cash flows with pinpoint accuracy right up to individual invoice level and across all cash flow categories.
Product: Autonomous Receivables
Secondly, the HighRadius Autonomous Receivables is a pioneering enterprise software – with a touch and voice user interface powered by the Freeda Digital Assistant – that brings the first ‘human + machine’ real-time interaction experience to corporate users. HighRadius, therefore, designed its software to put a company’s Order to Cash on auto-pilot.
AI-powered Treasury Management
Further, the HighRadius Treasury Management Applications include the world’s first Artificial Intelligence-powered Cash Forecasting Cloud, The Cash Management Cloud and Bank reconciliation.
Therefore, treasurers spend lesser manual effort but extract better outcomes such as:
- making more accurate cash forecasts across all cash flow categories,
- increased forecasting frequency and variance reporting,
- gaining instant visibility into real-time cash positions across bank accounts at any level, and
- achieving 99%+ straight-through reconciliation of bank statements without human intervention.
Use of funds
HighRadius will use the latest raise to develop its platform further and to expand across the globe. Sashi Narahari, Founder and CEO, welcomed ICONIQ to share in “our vision to modernize the ‘Order to Cash’ space.”
Moreover, “HighRadius fits squarely into our commitment to investing in best-in-class, long-term technology businesses driven by incredible teams,” said Will Griffith, Partner at ICONIQ Capital.
“The HighRadius platform is game-changing for CFOs and finance departments, and the company has earned tremendous customer loyalty by enabling receivables and treasury teams to perform more efficiently and effectively, and by delivering mission-critical ROI,” added Griffith.
Related Story: Auriga Launches WWS AI For Advanced Banking Insights
Latest Alternative Investment News
Private Equity Meets Both Privacy Concerns and Major Growth in Next-Generation Industry. The PE space is buzzing over private equity giant Blackstone’s acquisition of DNA testing company Ancestry. The firm…
Ares Leapfrogs Competitors Through Pandemic. Investment firm giant Ares has raised $5 billion for its private equity fund in the second quarter. The firm’s goal is to raise up to…
The Hoya Capital Housing ETF (NYSE: HOMZ) announced Wednesday a cut in its expense ratio from 0.45% to 0.30%, effective from August 1, 2020. It claimed that it has the…