The round also witnessed participation from Sunicon Ventures and Athera Venture Partners.
The funds will be used for the expansion of Hyperbots’ go-to-market strategy and product development, including proprietary generative AI models for finance and accounting, according 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, enhance data accuracy, and improve the overall financial management efficiency of companies.
“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,” Niyati Chhaya, cofounder of Hyperbots, said.
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In one 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 U.S. mid-market, targeting firms with revenues between $50 million and $1 billion.
“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,” said Sampath P, Partner at Kalaari Capital.