US-based business financial management software provider HighRadius raised an undisclosed amount yesterday in a funding round co-led by financial services firms Citi and PNC.
HighRadius has built a platform that uses artificial intelligence technology to automate the accounts receivables and payments process for businesses. It integrates all of an organisation’s receivable and payment modules, including cash, credit and electronic billing.
The company has also created a virtual assistant that utilises machine learning to help clients predict cashflow and plan for the future.
The round comes after a $50m investment by Susquehanna Growth Equity (SGE), a subsidiary of quantitative trading and technology firm Susquehanna International Group, in September 2017. The deal was the company’s first external funding.
Citi participated through its corporate venturing unit, Citi Ventures. Luis Valdich, Citi Ventures’ managing director of venture investing, said: “The digitisation, fragmentation, and atomisation of payments are growing rapidly and increasing in complexity.
“HighRadius’ platform is purpose-built to modernise the accounts receivable function for the enterprise. We look forward to collaborating with HighRadius to revamp receivables with AI and automation technologies.”
Christopher Ward, head of product management for PNC division PNC Treasury Management, added: “PNC Treasury Management has a long history of helping customers accelerate incoming payment processing while simplifying the account process through a combination of lockbox and electronic billing and collection services.
“With HighRadius’ receivables-focused technology, we are able to automate cash application across all payment and remittance formats allowing them to achieve straight-through processing and capture high quality data without human intervention.”