- Houston-based AI-powered Order-to-Cash and Treasury Management software company HighRadius has raised $125 million at a valuation of more than $1 billion
HighRadius — a Houston-based leader in AI-powered Order-to-Cash and Treasury Management software — announced it has raised $125 million in Series B growth funding led by ICONIQ Capital with participation from existing investors Susquehanna Growth Equity and Citi Ventures. This funding round was at a valuation of more than $1 billion.
This new round of funding will be used for accelerating HighRadius’ continuing platform development and expansion of the company’s geographic reach. HighRadius is used by over 400 clients and it includes over 200 of the Forbes Global 2000.
HighRadius’ integrated platform for accounts receivables and treasury management leverages native AI capabilities to help companies optimize working capital.
“We’re thrilled to have ICONIQ join us in our vision to modernize the Order to Cash space. ICONIQ combines patient capital with a long-term vision of investing in category-defining businesses, and the firm has worked with some of the world’s most successful tech entrepreneurs. We are building HighRadius into a self-sustaining, long-term category leader, and ICONIQ is a great partner for us in this journey,” said HighRadius founder and CEO Sashi Narahari.
The HighRadius platform includes the Rivana AI engine with machine learning algorithms trained on more than $1 trillion in receivables per annum to automate routine tasks and provide insights such as predicting invoice payment dates. And the platform also includes Autonomous Receivables — which is an industry-first enterprise software with a touch and voice user interface powered by the Freeda Digital Assistant — bringing the first ‘human + machine’ real-time interaction experience to corporate users. Plus it also utilizes AI-powered cash forecasting to fundamentally shift treasurers away from sub-optimal financing decisions made due to a lack of confidence in current excel-based heuristic models.
The HighRadius Integrated Receivables platform reduces cycle times in the order-to-cash process through automation of receivables and payments processes across credit, electronic billing and payment processing, cash application, deductions, and collections. And the HighRadius Treasury Management Applications help teams achieve touchless cash management, accurate cash forecasting, and seamless bank reconciliation.
“We’re thrilled to support HighRadius’ efforts to bring innovative AI capabilities to the financial side of the enterprise,” added Will Griffith, Founding Partner at ICONIQ Growth. “As we have seen in many of our portfolio companies and past investments, including BlackLine and Coupa, digital transformation is increasingly a CFO priority. 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. HighRadius fits squarely into our commitment to invest in best-in-class, long-term technology businesses driven by incredible teams, and we look forward to working alongside Sashi and the rest of the HighRadius team through their next phase of growth.”
Atlas Technology Group advised HighRadius for the transaction.