After reaching unicorn status last year, Houston-based fintech firm HighRadius raised $300 million in a Series C financing round, the company announced March 30.
The $300 million investment was led by D1 Capital Partners LP and Tiger Global Management LLC. Existing investors ICONIQ Growth and Susquehanna Growth Equity also participated in the investment. The financing round also saw participation from notable tech industry leaders, including Frank Slootman, chairman and CEO of Snowflake (NYSE: SNOW); Michael Scarpelli, CFO of Snowflake; Tooey Courtemanche, CEO of Procore Technologies; and Howie Liu, co-founder and CEO of Airtable.
HighRadius, which develops artificial intelligence-powered treasury management software, reached a valuation of $3.1 billion in connection with the Series C capital raise, the company said.
"Our goal has always been to build a long-lasting business that outlasts all of us," said Sashi Narahari, founder and CEO of HighRadius. "I look forward to working with such high-quality long-term investors who share a common vision of transforming the office of the CFO using a combination of artificial intelligence built on top of connected finance workspaces and embedded analytics."
HighRadius plans to use the new capital to fuel product innovation and expand its market reach. The firm's order-to-cash and treasury management platforms are used by more than 600 clients, including over 200 of the Forbes Global 2000, HighRadius said.
The Houston-based fintech firm reached unicorn status — a coveted title given to private firms valued at over $1 billion — in early 2020 after raising a $125 million Series B round. The Series B financing was to be used to continue developing HighRadius' technology offerings and to expand the company's geographic reach.
At that time, HighRadius had offices in Houston, London, Amsterdam and India. In July 2020, the company announced the opening of an office in Frankfurt, Germany, to house sales, pre-sales, marketing and consulting teams.
Having a technology unicorn company headquartered in the Houston metro region is rare. Houston-based Axiom Space is another local unicorn. Axiom Space, which focuses on advancing human spaceflight, announced raising a $130 million Series B in February. Axiom CEO Michael Suffredini told CNBC at the time that the company was "well past the point" of reaching unicorn status.
