HighRadius, an AI-powered treasury management and order-to-cash software developer, has become the first unicorn of the new year after it closed a $125m Series B round.
Investment firm ICONIQ Capital led the round, with existing HighRadius backers Susquehanna Growth Equity and Citi Ventures also contributing.
Funds from the round are earmarked for platform development and expansion of its geographic reach.
Texas-based HighRadius leverages AI and machine learning algorithms to help companies improve their accounts receivables and treasury management. The integrated receivables platform reduces cycle times in order-to-cash processes through the automation of receivables and payment processes throughout credit, electronic billing and payment processing, cash application, deductions and collections.
ICONIQ capital partner Will Griffith said, “We’re thrilled to support HighRadius’ efforts to bring innovative AI capabilities to the financial side of the enterprise.
“As we have seen in many of our portfolio companies and past investments, including BlackLine and Coupa, digital transformation is increasingly a CFO priority. The HighRadius platform is game-changing for CFOs and finance departments, and the company has earned tremendous customer loyalty by enabling receivables and treasury teams to perform more efficiently and effectively, and by delivering mission-critical ROI.”
HighRadius was advised by Atlas Technology Group for the transaction.
Last year was littered with new FinTech companies entering the coveted unicorn club. Riskified was one of the last companies of 2019 to reach the status, following the closure of its $165m Series E. The company uses AI technology to build fraud prevention solutions for merchants to optimize their online and omnichannel paths-to-purchase.
Some of the other companies to become a unicorn in 2019 include payment processor EBANX, open banking company Deposit Solutions, online trading platform StockX and mobile banking app Numbrs. Brazil’s Nubank took it a step further and became a decacorn, which means its valuation now exceeds $10bn.
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