The new financing will allow Hyphenate to deepen its footprint in accounting and strategic finance, according to the report.
“Our proprietary reinforcement learning algorithm learns from the financial history of our customer,” CEO Ramnandan Krishnamurthy said, per the report. “That becomes the brain of the self-improving AI agent.”
Hyphenate was founded in 2024 by Microsoft veterans Krishnamurthy and Ajay Krishna Amudan, according to the report. It competes with companies such as Ramp to develop AI platforms for financial services. The company creates custom AI agents to handle the books for customers that include Groupon and AI video avatar startup Synthesia.
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The startup’s revenue has grown 86 times since its $9 million seed funding round more than a year ago, the report said.
AI growth is exiting “the chatbot era,” according to the report. AI agents are now analyzing markets, reconciling accounts, and helping banks and asset managers reduce grunt work in areas such as compliance and risk surveillance. However, there are still fears about trusting autonomous systems with sensitive functions, along with concerns that humans could lose control of AI.
That’s in line with findings from the PYMNTS Intelligence report “Time to Cash™: What Two Years of Data Say About Faster Cash and Rising Risk,” which showed in October that finance departments have been quick to use AI at work, but are more cautious about letting the tech act on its own.
Generative AI use for cash flow management surged from 16% in 2025 to 80% in 2026. Agentic AI moved in the opposite direction, dipping from 6% to 5%.
“The gap offers a measure of where finance automation stands,” PYMNTS reported Wednesday (Oct. 21). “AI is becoming common in the systems that analyze cash and recommend what to do next, while autonomous execution remains rare.”
The research also found that AI hasn’t totally supplanted the finance department’s existing technology, with companies “layering AI into a technology stack that remains largely intact,” the Wednesday report said.
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