Software company HighRadius obtained a $300 million infusion after the recently concluded Series C funding round led by D1 Capital and Tiger Global, reported Tech Crunch. The capital will be used to innovate its artificial intelligence-powered financial technology solution.
Aside from the round leaders, previous investors ICONIQ Growth and Susquehanna Growth Equity were also present in Series C. The infusion brings the firm’s valuation to $3.1 billion.
The round was also participated by notable executives such as Snowflake Chairman and CEO Frank Slottman, Snowflake CFO Michael Scarpelli, Procore Technologies CEO Tooey Courtemanche, and Airtable co-founder and CEO Howie Liu.
In a press release published at Business Wire, founder and CEO Sashi Narahari said, “We are excited to have D1 Capital Partners and Tiger Global join our existing investors, Susquehanna Growth Equity and ICONIQ Growth.”
“Our goal has always been to build a long-lasting business that outlasts all of us. 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,” Narahari added.
D1 Capital Partners founder Daniel Sundheim is optimistic about the investment company’s funding of HighRadius. Sundheim said, “Our mission at D1 is to back visionary entrepreneurs as they solve large, pressing problems.”
The recent infusion gave HighRadius the money to triple its valuation from “more than $1 billion” during the Series B round in January 2020, in which it gained $125 million. With the additional funds from Series C, the company has raised a total of $475 million.
The additional fund will be used to further develop HighRadius’ products and expand the company’s reach. The company currently has over 600 customers including high-profile clients like Walmart, Nike, and Procter and Gamble.
According to HighRadius, it is helping its clients “optimize their working capital” through its software solutions. It is self-described as a “SaaS provider for integrated receivables, such as credit, cash application, EIPP, collections, deductions, and payments.”
Its new AI-based software seeks to automate the processing of receivables and payments. This involves predicting payment dates, as an example. The technology uses tools powered by AI and machine learning to provide efficient results.
Investor Tiger Global Management believes that HighRadius is a leader in its industry. Tiger partner John Curtius said, “HighRadius is in the opening innings of defining the next big software market for the Office of the CFO.”