Hyphenate, an autonomous finance platform, raised US$45 million in Series A funding. Nexus Venture Partners led the round. B Capital and existing investors Foundation Capital, BoldCap, and Gaia Ventures participated.
Funding so far
The round brings total funding to US$54 million. Hyphenate raised a US$9 million seed round one year ago. It reported 86x revenue growth since that seed round.
Customer adoption
Customers include Mini Melts USA, HiBid, Groupon, and Synthesia. Mini Melts USA recovered 16,640 finance work hours per year. HiBid cut its month-end close from three weeks to one day.
How the platform works
Hyphenate sits on top of ERP, bank, and other systems. Its agents cover order-to-cash, treasury, GL accounting, procure-to-pay, and reporting and insights. The platform learns from historical spreadsheets, emails, and system logs to make audit-ready decisions.
The company will use the capital to push agents deeper into finance and strategic finance. It plans to scale the platform across the office of the CFO. Hyphenate sees continuous, evidence-backed finance operations as its long-term end state.