STARTUP-STORIES

Hyperbots Secures $2 Million Seed Funding to Revolutionize Finance and Accounting with AI

SUMMARY

1. Hyperbots, an AI startup specializing in finance and accounting automation, has raised $2 million in seed funding from Kalaari Capital, Sunicon Ventures, and Athera Venture Partners. The funds will be used to enhance its go-to-market strategy and advance product development, including proprietary generative AI models.

2. Founded in 2023, Hyperbots offers AI-powered tools for Accounts Payable, Accounts Receivable, and Expense Processing, aiming to significantly reduce processing times and costs while improving financial management efficiency. The company targets the U.S. mid-market and plans to transform CFO-related functions globally.

Hyperbots, an innovative startup specializing in AI-driven finance and accounting solutions, has raised $2 million in a seed funding round led by Kalaari Capital. The round also saw participation from Sunicon Ventures and Athera Venture Partners.

Investment to Drive Expansion and Product Development

The newly acquired funds will be directed towards expanding Hyperbots’ go-to-market strategy and advancing product development. This includes creating proprietary generative AI models tailored for finance and accounting functions. The company aims to enhance its suite of AI-powered tools for Accounts Payable (AP), Accounts Receivable (AR), and Expense Processing.

Transforming Financial Management with AI

Founded in 2023 by Rajeev Pathak, Niyati Chhaya, and Ram Jayaraman, Hyperbots offers end-to-end AI solutions designed to streamline financial processes. According to cofounder Niyati Chhaya, “Hyperbots’ transformer-based proprietary models for processing documents like invoices, bills, purchase orders, and contracts will enable over 80% straight-through-processing of tasks traditionally managed by humans.”

A Year of Rapid Development

In its first year, Hyperbots has introduced proprietary AI Assistants with human-like intelligence, capable of automating manual, analytical, and strategic finance tasks. These advancements promise to significantly reduce processing times and costs while enhancing data accuracy and overall financial management efficiency.

Targeting the U.S. Mid-Market

Hyperbots is currently focusing on the U.S. mid-market, targeting firms with revenues between $50 million and $1 billion. This strategic focus aims to address the complex and challenging task of automating CFO-related functions on a global scale.

Expert Endorsement and Future Outlook

Sampath P, Partner at Kalaari Capital, highlighted the significance of Hyperbots' work, stating, “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 finance and accounting landscape.”