HighRadius, an artificial intelligence (AI)-powered order-to-cash and treasury solution, has raised $300 million in a Series C funding round, valuing it at $3.1 billion, according to a press release.
The new capital will be used for fueling product innovation as well as boosting the global go-to-market reach, the release stated.
D1 Capital and Tiger Global led the round, according to the release, and there was participation from existing investors ICONIQ Growth and Susquehanna Growth Equity. Industry leaders, including Snowflake Chairman and CEO Frank Slootman, Snowflake Chief Financial Officer (CFO) Michael Scarpelli, Procore Technologies CEO Tooey Courtemanche, and Airtable Co-Founder and CEO Howie Liu, also participated in the round.
“Our goal has always been to build a long-lasting business that outlasts all of us,” HighRadius Founder and CEO Sashi Narahari said in the release. “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.”
D1 Capital Partners Founder Daniel Sundheim said in the release that HighRadius technology would help CFOs who have “historically relied on antiquated, analog processes and infrastructure to manage their accounts receivable and treasury functions.”
In January, HighRadius hit unicorn status, meaning the company had over $1 billion in valuation, after a $125 million Series B round.
There are hundreds of companies using HighRadius for accounts receivable (AR) and treasury management services, and the AI-based systems help to optimize working capital. The HighRadius Rivana AI engine allows for automation of routine tasks. The company’s Freeda Digital Assistance powers the company’s touch- and voice-based Autonomous Receivables software. The platform’s AI-powered cash forecasting helps to prevent poor financing decisions.
