TechnologyTMS becomes unicorn with $125 million investment

TMS becomes unicorn with $125 million investment

AI-focused receivables and treasury management system provider, HighRadius raises $125m in latest investment round.

HighRadius, the provider of AI-powered order-to-cash and treasury management systems, has raised $125 million in Series B investment.

The firm, which has its headquarters in Houston, Texas, says it will use this round of funding to continue development of the platform and to expand the company’s geographic reach. The HighRadius platform includes the Rivana AI engine, a program that uses machine learning algorithms to automate routine tasks and predict invoice payment dates, and Autonomous Receivables, an accounts management software that utilises a touch and voice user interface.

Sashi Narahari, Founder and CEO of HighRadius, said: “[This investment] marks an important milestone for HighRadius and we’re thrilled to have ICONIQ join us in our vision to modernise 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.”

New Investors

This round of Series B funding was led by ICONIQ Capital, while also having the continued participation of earlier investors Susquehanna Growth Equity and Citi Ventures. HighRadius was also advised by Atlas Technology group in this round of funding.

ICONIQ Capital is a privately held financial advisory and investment firm. Its investment portfolio includes, technology growth equity, middle market buyout and real estate asset classes.

Will Griffith, Partner at ICONIQ Capital said: “We’re thrilled to support HighRadius’ efforts to bring innovative AI capabilities to the financial side of the enterprise. 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,” he added.

Earlier round investor, Susquenhana Growth Equity, invests in growth stage technology companies in the software, information services, internet and financial technology sectors. Citi Ventures is the early/late venture capitalist investment arm of Citigroup.

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