India, August 6, 2024: Hyperbots, the cutting-edge AI in Finance Company and Accounting has secured US$2 million in a seed funding round led by Kalaari Capital and participation from Sunicon Ventures, and Athera Venture Partners. This funding will drive the expansion of Hyperbots’ go-to-market strategy and product development including the development of proprietary generative AI models for Finance and Accounting.
In just one year, working closely with over 25 CFOs, Hyperbots has developed proprietary AI Assistants, with human-like intelligence to automate manual, analytical, and strategic tasks in finance and accounting. The company is focused on US mid-markets and is gaining traction in the US, targeting firms with revenues between US$50 million and US$1 billion. Hyperbots’ platform embeds AI in all tasks for processes such as Procure-To-Pay, Order-To-Cash, and Expense Management, minimizing human involvement by 80%.
Founded in 2023 by Rajeev Pathak, Niyati Chhaya, and Ram Jayaraman, Hyperbots boasts a leadership team with a profound understanding of AI and SaaS Business. Rajeev, with his extensive experience at Wipro and a prior successful education AI startup, Funtoot which was acquired by Reliance-Jio, Chhaya, a seasoned NLP expert with 40 patents and 50 publications, and Ram Jayaraman, a veteran engineer, bring invaluable expertise to the company.
Niyati Chhaya, the Co-Founder, highlights the immense potential of developing human-like intelligence for Finance and Accounting. “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. With the support of our partners like Kalaari, Sunicon, and Athera, we are poised to revolutionize the finance operations for US mid-markets,” remarked Niyati.
Sampath P from Kalaari Capital commented, “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. We are excited to partner with Rajeev, Niyati, Ram and the entire team, and are looking forward to supporting them on this journey.”
Saloni Jain from Sunicon Ventures expressed, “We are thrilled to invest in Hyperbots. Building their product from the ground up with CFOs demonstrates a deep commitment to practical, user-focused innovation. The talented team at Hyperbots gives us confidence in their ability to lead the future of financial technology. We look forward to witnessing their revolutionary impact on the finance industry.”
Rutvik Doshi from Athera Venture Partners said, “It is a pleasure to invest a second time in a venture led by Rajeev. We believe strongly in this team, and its ability to execute the hypothesis of transforming the CFO office through modern AI innovations.”
The AI platform, trained on millions of accounting documents and transactions is set to enhance its capabilities in other finance functions. The AI assistants are designed for seamless integration with popular ERP, CRM, and other applications, enabling CFOs to optimize financial operations with ease.
