Hyphenate, formerly known as Maximor, has secured $45 million in a Series A funding round. The investment was led by Nexus Venture Partners with participation from B Capital, Foundation Capital, BoldCap, and Gaia Ventures. This latest injection brings the total capital raised by the startup to $54 million.
The company provides an autonomous finance platform utilizing self-learning AI agents. These agents integrate with existing enterprise resource planning, accounting, and banking systems to automate tasks such as general ledger accounting, treasury management, and financial reporting. The system is designed to learn from a company's historical financial data and workflows.
The startup reports significant growth over the past year, citing an 11-fold increase in its customer base and an 86-fold rise in revenue. Its current client list includes six publicly traded companies, such as Groupon, Synthesia, HiBid, and Mini Melts USA. These clients have reportedly reduced routine manual financial work by up to 90%.
One client, HiBid, has used the platform to process over $2.5 billion in gross merchandise value, while shortening its month-end closing process from three weeks to one day. The platform maintains an audit trail for all autonomous actions and incorporates human oversight for qualitative decisions to address concerns regarding AI accuracy and regulatory compliance.
