The round also included participation from Sunicon Ventures and Athera Venture Partners.
The funds will be used to expand Hyperbots’ go-to-market strategy and develop its products, including its proprietary generative intelligence. AI financing models and accountingaccording to a statement.
Founded in 2023 by Rajeev Pathak, Niyati Chhaya, and Ram Jayaraman, Hyperbots offers end-to-end AI-powered tools for various functions including Accounts Payable (AP), Accounts Receivable (AR), and Expense Processing.
The company said its solutions can significantly reduce processing times and costs, improve data accuracy and enhance the overall efficiency of companies’ financial management.
“We envision that Hyperbots’ proprietary transformer-based models for processing documents like invoices, receipts, purchase orders, contracts and automated data-driven prediction techniques for financial decision making will help achieve straight-through processing of over 80% of processes that would otherwise be completely operated by humans,” said Niyati Chhaya, Co-Founder, Hyperbots.
Discover the stories that interest you
In the year since its inception, Hyperbots has developed proprietary AI assistants with human-like intelligence to automate manual, analytical and strategic tasks in finance and accounting. The company is currently focused on the US mid-market, targeting companies with revenues between $50 million and $1 billion.
“Globally, automating functions that pertain to the CFO’s office remains a complex and challenging task. With proprietary IP and a clear focus on building a vertical financial model, Hyperbots is poised to transform the finance and accounting landscape,” said Sampath P, Partner, Kalaari Capital.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.