AI platform for accounting and finance Hyperbots raised $6.5 M Series A funding
Arkam Ventures and Athera Venture Partners led the $6.5 million Series A funding round for Hyperbots, an AI platform for accounting and finance. Darashaw & Company, Sunicon Ventures, Kalaari Ventures, and JSW Ventures have also taken part.
In August 2024, Hyperbots obtained $2 million in seed funding, led by Kalaari Capital and including Sunicon Ventures and Athera Venture Partners, ahead of the current Series A round.
The money raised will be utilized to launch HyperLM, a large language model designed specifically for accounting and finance data, and to expedite the expansion of the U.S. market.
In 2023, Niyati Chhaya, Ram Jayaraman, and Rajeev Pathak founded Hyperbots, a company that uses AI-native co-pilots to automate finance workflows for mid-market businesses. By integrating with popular ERP, CRM, and finance systems, the platform handles important finance tasks like order-to-cash, procure-to-pay, expense management, and reporting.
Hyperbots reduce manual intervention in finance workflows by up to 80%, with reports of 99.8% data structuring accuracy and 80% straight-through processing for finance documents.
Clients from industries including healthcare, media, manufacturing, retail, and real estate are served by it. It is anticipated that Hyperbots will add more than 100 customers this fiscal year.
