HighRadius, which has developed AI-powered fintech software, announced today it has raised $125 million in a Series B growth funding round led by ICONIQ Capital.
The round values the company at “more than $1 billion,” founder and CEO Sashi Narahari told me, without providing more specifics.
With this latest round, Houston-based HighRadius’ total known (venture and private equity) funding climbs to $175 million.
Late last year, I covered Toronto-based 1Password’s massive $200 million Series A in its first external round of funding in its 14-year history.
“We use various sets of technologies to help companies reduce that by 10 percent.” While that might not sound like a big deal, Narahari maintains that 10 percent, when you’re talking about large sums of money, provides “huge value” to a company’s bottom line in terms of working capital optimization.
The company also recently launched into treasury management to help its customers further optimize their working capital.
With that first round of funding, HighRadius also entered the midmarket, which it defines as companies with $200 million to $1 billion in revenue.