HighRadius, a SaaS-based financial software product startup on Tuesday, secured $125 million in its Series B funding round led by the ICONIQ Capital, along with some of the existing investors Citi Ventures and Susquehanna Growth Equity.
With this, the total funding secured by the HighRadius stands at $175 million and is now valued at $1 billion and above, which becomes the first startup in 2020 to enter the unicorn club.
The company, which has it’s headquarter in Houston, Texas, with an office in Hyderabad, HighRadius, was founded by an IIT Madras Alumni Sashi Narahari in 2006. The startup was bootstrapped for 11 years and secured its first round of funding in 2017.
The company offers AI-enabled software that automates payments, receivables, and treasury processes. According to the startup, the new capital will be going to be used to accelerate its platform development and expansion of geographic reach.
Commenting on the funding round, Sashi Narahari, Founder and CEO of HighRadius, said,
“Today marks an important milestone for HighRadius and we’re thrilled to have ICONIQ join us in our vision to modernise the order to cash space. ICONIQ combines patient capital with a long-term vision of investing in category-defining businesses, and the firm has worked with some of the world’s most successful tech entrepreneurs. We are building HighRadius into a self-sustaining, long-term category leader, and ICONIQ is a great partner for us in this journey.”