Hyperbots Secures $2M Seed Funding to Revolutionize AI in Finance
- ByStartupStory | August 7, 2024
Hyperbots, the cutting-edge AI company specializing in finance and accounting solutions, has announced the successful closure of a $2 million seed funding round. This round was led by Kalaari Capital, with significant participation from Sunicon Ventures and Athera Venture Partners. The funding will fuel Hyperbots’ go-to-market strategy and product development, focusing on the creation of proprietary generative AI models for finance and accounting.
Hyperbots, founded in 2023 by industry veterans Rajeev Pathak, Niyati Chhaya, and Ram Jayaraman, has quickly established itself as a leader in AI-driven automation for the finance sector. In collaboration with over 25 CFOs, the company has developed AI Assistants that mimic human intelligence to automate manual, analytical, and strategic tasks in finance and accounting. These AI-powered solutions aim to reduce human involvement by 80% in processes such as Procure-To-Pay, Order-To-Cash, and Expense Management.
The company targets US mid-market firms with revenues between $50 million and $1 billion and is rapidly gaining traction in this segment. Hyperbots’ platform integrates AI into all financial processes, significantly enhancing efficiency and accuracy.
Co-Founder Niyati Chhaya emphasized the transformative potential of their technology: “We envision Hyperbots’ transformer-based proprietary models for processing documents like invoices, bills, purchase orders, contracts, and data-driven automated prediction techniques for financial decision making, will help achieve over 80% straight-through-processing of otherwise completely human-operated processes. With the support of our partners like Kalaari, Sunicon, and Athera, we are poised to revolutionize the finance operations for US mid-markets.”
Sampath P from Kalaari Capital shared his enthusiasm for the partnership: “Globally, automating functions that pertain to the CFO’s office, remains a challenging and complex endeavor. With proprietary foundational IP and a clear focus on building a vertical finance model, Hyperbots is set to transform the landscape of finance and accounting. We are excited to partner with Rajeev, Niyati, Ram and the entire team, and are looking forward to supporting them on this journey.”
Saloni Jain from Sunicon Ventures echoed this sentiment: “We are thrilled to invest in Hyperbots. Building their product from the ground up with CFOs demonstrates a deep commitment to practical, user-focused innovation. The talented team at Hyperbots gives us confidence in their ability to lead the future of financial technology. We look forward to witnessing their revolutionary impact on the finance industry.”
Rutvik Doshi from Athera Venture Partners expressed his confidence in the team: “It is a pleasure to invest a second time in a venture led by Rajeev. We believe strongly in this team, and its ability to execute the hypothesis of transforming the CFO office through modern AI innovations.”
Hyperbots’ AI platform, trained on millions of accounting documents and transactions, is set to enhance its capabilities in other finance functions. The AI assistants are designed for seamless integration with popular ERP, CRM, and other applications, enabling CFOs to optimize financial operations effortlessly.
About Hyperbots
Hyperbots Inc., based in Dover, Delaware, specializes in AI solutions for finance. Founded in 2023 by Rajeev Pathak, Niyati Chhaya, and Ram Jayaraman, the company aims to simplify and automate complex financial tasks. Hyperbots offers end-to-end AI-powered tools for various functions, including Accounts Payable (AP), Accounts Receivable (AR), and Expense Processing. With expertise in Hyper Automation, Unstructured Data Processing, RPA, NLP, AI, ML, and Computer Vision, their solutions significantly reduce processing times and costs, enhance data accuracy, and improve overall financial management efficiency.
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