Integrated receivables software HighRadius Corporation has picked up $50m in its recent growth funding round from Susquehanna Growth Equity.
Texas-headquartered HighRadius is a machine learning and AI-based platform, which takes care of accounts receivable operations including credit, collections, cash application, electronic billing, deductions and payments. The platform, which is powered by Rivana Artificial Intelligence Engine, uses its machine learning capabilities for accurate decision making and future outcomes.
Through the service businesses can optimise cash flow, reduce days sales outstanding, bad debt and increase efficiency. The company works with hundreds of Global 2000 companies including Adidas, Cargill, Danone, Johnson & Johnson, Procter & Gamble, Starbucks, Sysco and Warner Bros.
This capital, which marks HighRadius’ first outside investment, will be used to help the company’s growth and to expand its global presence to thousands of companies.
HighRadius founder and CEO Sashi Narahari said, “We have been executing on our vision of enabling receivables functions to achieve ubiquitous electronic payment adoption and process automation – massively reducing paper-based processes and manual work. We have more than 350 clients on our Integrated Receivables platform powered by our Rivana Artificial Intelligence engine and the radiusOne B2B payment network.”
Following the investment, Susquehanna’s Amir Goldman and Ben Weinberg will join HighRadius’ board of directors. Atlas Technology Group served as HighRadius’ financial advisor for the deal.
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