US-based enterprise accounting technology developer HighRadius secured $300m in series C funding from investors including Susquehanna Growth Equity (SGE), an investment vehicle for technology and trading firm Susquehanna International Group.
D1 Capital Partners and Tiger Global Management co-led the round, which also featured fellow investment firm Iconiq Capital’s Iconiq Growth unit as well as private backers Tooey Courtemanche, Howie Liu, Michael Scarpelli and Frank Slootman. The deal valued the company at $3.1bn.
Founded in 2006, HighRadius has built an artificial intelligence-equipped software tool enabling organisations to automate their cash management practices including accounts receivable and inventory. It will use the cash for product development and global expansion.
SGE had joined Citi Ventures, the corporate venturing arm of financial services provider Citi, to back a $125m series B round for the company in January 2020 led by Iconiq Capital at a $1bn valuation.
Citi Ventures had previously co-led a round of undisclosed size with fellow financial services group PNG in 2018, after SGE had provided $50m the previous year.
Sashi Narahari, founder and CEO of HighRadius, said: “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 [chief financial officer] using a combination of AI built on top of connected finance workspaces and embedded analytics.”
