HighRadius, a business-to-business (B2B) payments and receivables software outfit, has secured investment from Citi Ventures and PNC.

Terms of the investment were not revealed by the companies.

HighRadius’ Integrated Receivables platform automates receivables and payments processes across credit, collections, cash application, deductions, electronic billing and payment processing, utilising artificial intelligence (AI). Its radiusOne B2B payment network enables suppliers to digitally connect with buyers.

HighRadius said that more than 25% of the Fortune 1000 companies leverage its technology.

HighRadius founder and CEO Sashi Narahari said: “With more than $500bn in receivables processed annually, our platform improves the efficiency of existing staff using intelligent bots while fully automating labor-intensive tasks such as cash application.”

Citi Ventures managing director of venture investing Luis Valdich said: “The digitisation, fragmentation, and atomisation of payments are growing rapidly and increasing in complexity. HighRadius’ platform is purpose-built to modernise the accounts receivable function for the enterprise.

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“We look forward to collaborating with HighRadius to revamp receivables with AI and automation technologies.”