HighRadius, venture by an entrepreneur of Indian origin – Sashi Narahari, has become the first Unicorn of 2020. In the series B funding round, it raised $125 mn from San Francisco-based ICONIQ Capital to reach untapped geographies and escalate platform development.
Crux of the Matter
HighRadius was founded in 2006 by IIT Madras alumnus, Sashi Narahari. It remained bootstrapped for 11 years and received funding in 2017. It has become the first company of 2020 to become a Unicorn.
HighRadius enables AI-powered solutions to companies. Its Software as a Service (SaaS) provides the key service of automating financial functions of trade receivables and treasury management.
Taking into account bank statements, sales orders, purchase orders, expenses, and other incomes, HighRadius provides Cash Management with the help of AI and Machine Learning.
Headquartered in Houston and India, it is also backed by Susquehanna Growth Equity and Citi Ventures. It customers include more than 200 companies from Forbes Global 2000 companies. Adidas, Reebok, Walmart, Starbucks, Johnson & Johnson, Hindustan Unilever, P&G, Sony, etc. are among some of its top clients.
ICONIQ Capital investment will be used to tap new geographies and elevate platform development. “Its platform is game-changing for CFOs and finance departments,” said a partner at ICONIQ Capital.
Curiopedia
A unicorn is a privately held startup company valued at over $1 billion. The term was coined in 2013 by venture capitalist Aileen Lee, choosing the mythical animal to represent the statistical rarity of such successful ventures. Decacorn is a word used for those companies over $10 billion, while Hectocorn is used for such a company valued over $100 billion. According to TechCrunch, there were 279 unicorns as of March 2018. The largest unicorns included Ant Financial, DiDi, Airbnb, Stripe and Palantir Technologies. Lyft is the most recent decacorn that turned into a public company on March 29, 2019. More Info
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