Hyperbots Inc., an artificial intelligence startup providing finance and accounting solutions, has raised $2 million in a seed round led by Kalaari Capital, along with from Sunicon Ventures and Athera Venture Partners.
The funds raised will be utilised to expand the company's go-to-market strategy and towards product development, including generative AI models for the finance and accounting verticals, according to Hyperbots.
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The startup was founded in 2023 by Rajeev Pathak, Niyati Chhaya and Ram Jayaraman, with the aim of providing AI-powered solutions for a range of tasks, such as processing expenses, accounts payable and accounts receivable. According to Hyperbots, it has developed proprietary AI assistants mimicking human-like intelligence for automating various manual and analytical functions in accounting and finance.
“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," said Chhaya. "With the support of our partners like Kalaari, Sunicon and Athera, we are poised to revolutionise the finance operations for US mid-markets."
The startup is growing in the U.S. and focuses on mid-market companies, aiming to target those with $50 million to $1 billion in revenue. Through AI integration, its platform reduces human involvement in processes like procure-to-pay, expense management and order-to-cash.
“Globally, automating functions that pertain to the CFO's office, remains a challenging and complex endeavour. 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. of Kalaari Capital. "We are excited to partner with Rajeev, Niyati, Ram and the entire team, and are looking forward to supporting them on this journey," he said.
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