Arkam Ventures and Athera Venture Partners led the $6.5 million Series A fundraising 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 finance, 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 create HyperLM, a massive language model designed specifically for accounting and financial data, and to expedite the expansion of the U.S. market.
Hyperbots, which was established in 2023 by Niyati Chhaya, Ram Jayaraman, and Rajeev Pathak, uses AI-native co-pilots to automate finance procedures for mid-market businesses. The platform integrates with popular ERP, CRM, and finance systems to handle important finance tasks like order-to-cash, procure-to-pay, expenditure management, and reporting.
Hyperbots have been shown to reduce manual intervention in finance workflows by up to 80 percent, with 80 percent straight-through processing for finance documents and 99.8 percent correctness in data structuring.
Healthcare, media, manufacturing, retail, and real estate are among the industries it supports. This fiscal year, Hyperbots is expected to add more than 100 clients.
Their finance AI assistants are AI-native and can be configured to meet your unique demands without the need for funding for a custom IT project. According to preliminary tests, end-to-end and comprehensive automation has reduced processing costs per invoice by 80 percent.
Additionally, the time needed to process invoices and expenses is reduced from five to fifteen days to a few minutes. Our AI assistants have built-in connections with popular ERP, CRM, and other apps, and they are ready to use and simple to set up.
