HighRadius wants to transform CFOs' offices with AI software
HighRadius, an AI software developer for the fintech sector, has reached a new valuation of $3.1bn following a $300m Series C funding round.
This is a significant achievement for the company, which has managed to triple its value in approximately 14 months (it was worth over $1bn in January 2020 following its Series B).
HighRadius specialises in SaaS automated accounts receivable and treasury systems. These platforms help reduce order-to-cash cycle times by streamlining credit, billing, payment processing, and more.
Other products like Freeda Digital Assistant enable teams to model future outcomes using machine learning and automate rote or labor intensive tasks.
Transforming CFO roles with AI
D1 Capital and Tiger Global Management led the round, with added participation from ICONIQ Growth and Susquehanna Growth Equity (both already existing investors), as well as others.
“Our mission at D1 is to back visionary entrepreneurs as they solve large, pressing problems,” stated Daniel Sundheim, Founder of D1 Capital. “Offices of the CFO have historically relied on antiquated, analogue processes and infrastructure to manage their accounts receivable and treasury functions.
“HighRadius is a clear leader in driving digital transformation in the Office of the CFO. We have been impressed by Sashi and his team’s long-term focus and look forward to joining the company’s journey.”
John Curtius, Partner at Tiger Global, agreed, “HighRadius bears all of the signs of being a ‘category defining’ business for order-to-cash automation. We are thrilled to join the HighRadius team for the ride.”
Already used by over 600 clients, 200 of which are in the Fortune 2000, HighRadius appears to be well-positioned for meeting its investors’ expectations. The company was also recently listed in Forbes’ Cloud 100.
“Our goal has always been to build a long-lasting business that outlasts all of us,” said Sashi Narahari, Founder and CEO of HighRadius.
“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 AI built on top of connected finance workspaces and embedded analytics.”
Video source: HighRadius
