US-based business financial management software developer HighRadius picked up $125m yesterday in a series B round featuring financial services provider Citi and quantitative trading firm Susquehanna International Group (SIG).
Multi-family office Iconiq Capital led the round, which valued the company at a minimum of $1bn. Citi and SIG participated through respective corporate venturing vehicles Citi Ventures and Susquehanna Growth Equity.
Founded in 2006, HighRadius has developed an artificial intelligence-powered platform that helps businesses optimise their working capital by automating the accounts receivables and payments processes.
The product’s features include the prediction of invoice payment dates using machine learning, a smart voice assistant called Freeda and the ability to forecast cashflow. The series B funding will enable HighRadius to further develop its platform and expand into additional markets.
Citi Ventures and financial services firm PNG previously co-led a funding round of undisclosed size for the company in early 2018, following a $50m commitment by Susquehanna Growth Equity the year before. It was advised on the latest round by Atlas Technology Group.
