ICONIQ Capital leads funding round; backs HighRadius as market-leader in the next big Fintech category for the office of the CFO
HOUSTON–(BUSINESS WIRE)–January 7, 2020–
HighRadius, the leader in Artificial Intelligence-powered Order-to-Cash and Treasury Management software, has raised $125 million in a Series B growth funding round led by ICONIQ Capital, with participation from existing investors Susquehanna Growth Equity and Citi Ventures. The new capital will be used to accelerate HighRadius’ continuing platform development and expansion of the company’s geographic reach.
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HighRadius is headquartered in Houston, Texas and is trusted by more than 400 clients including more than 200 of the Forbes Global 2000. The HighRadius integrated platform for accounts receivables and treasury management leverages native AI capabilities to help companies optimize working capital. The HighRadius platform includes:
- Rivana AI engine with machine learning algorithms trained on over $1 trillion in receivables per annum to automate routine tasks and provide insights such as predicting invoice payment dates.
- Autonomous Receivables, an industry-first enterprise software-with a touch and voice user interface powered by the Freeda Digital Assistant-that brings the first ‘human + machine’ real-time interaction experience to corporate users.
- 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.
Sashi Narahari, Founder and CEO of HighRadius, said: “Today marks an important milestone for HighRadius and 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.”
“We’re thrilled to support HighRadius’ efforts to bring innovative AI capabilities to the financial side of the enterprise,” said Will Griffith, Partner at ICONIQ Capital. “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.”
HighRadius was advised by Atlas Technology Group for this transaction.
About HighRadius Corporation
HighRadius is a fintech enterprise SaaS which automates Accounts Receivable and Treasury processes with AI-based Autonomous Systems. The HighRadius® Integrated Receivables platform reduces cycle times in your order-to-cash process through automation of receivables and payments processes across credit, electronic billing and payment processing, cash application, deductions, and collections. HighRadius® Treasury Management Applications help teams achieve touchless cash management, accurate cash forecasting and seamless bank reconciliation. Powered by the Rivana™ Artificial Intelligence Engine and Freeda™ Digital Assistant for order-to-cash teams, HighRadius enables teams to leverage machine learning to predict future outcomes and automate routine labor-intensive tasks. To learn more, please visit www.highradius.com.
About ICONIQ Capital
ICONIQ Capital is a privately-held financial advisory and investment firm, and a partner of choice for exceptional entrepreneurs, leaders and institutions around the world. The firm invests in technology growth equity, middle market buyout and real estate asset classes and employs a distinctive ecosystem to build enduring businesses. ICONIQ is a trusted advisor fostering meaningful strategic relationships across industries to source powerful ideas, magnify global impact and support a new generation of entrepreneurs and companies. For a full list of investments made by ICONIQ Growth, an affiliate of ICONIQ Capital, please visit here.
About Susquehanna Growth Equity
Susquehanna Growth Equity, LLC (SGE) invests in growth stage technology companies in the software, information services, internet and financial technology sectors. SGE is backed by a unique and patient source of capital, which enables the firm to give management teams and entrepreneurs freedom and flexibility to maximize growth. The firm has invested in over 50 companies globally over the last 13 years. To learn more, please visit www.sgep.com.
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