Making finance & accounting smarter and faster
➤ In 2023, Niyati Chhaya, Ram Jayaraman, and Rajeev Pathak came together to make finance and accounting smarter, faster, and autonomous. Rajeev, who had worked at Wipro and founded a learning platform called Funtoot (acquired by Reliance's Embibe in 2019), had noted that
clunky accounting processes had distracted him from building his business.
And he kept coming back to one question: 'What if I can simplify these functions?'
Niyati Chhaya
➤ Ram had
grown up watching his father, a chartered accountant, struggle with outdated
finance systems,
and be buried in manual work. Ram too had been at Wipro, and had later joined Rajeev in Funtoot. Niyati had been an AI research scientist at Adobe for more than 10 years, and had then joined the faculty at IIIT Hyderabad.
She wanted to do more than research papers
– she wanted to see her ideas powering products, and creating real impact.
Ram Jayaraman
by Taboola
by Taboola
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➤ Their common vision around finance and accounting became
Hyperbots
. The venture is building
AI co-pilots for finance
teams – moving beyond task automation to autonomous execution across critical workflows like
procure-to-pay
(the end-to-end business process that manages the acquisition of goods and services, from initial request to final payment), order-to-cash (a business process that outlines the steps from when a customer places an order to when the business receives payment), expense management, reporting, and analytics. Hyperbots'
agentic AI platform reads and understands any financial document – invoice, contract, or statement – regardless of format or template. It extracts, interprets, and posts the data directly into ERP systems,
enabling straight-through processing. This slashes manual errors, reduces costs, and unlocks real-time cash flow visibility for CFOs. The AI agents also interpret accounting jargon and free text to provide alerts and insights around payment terms, and penalties. Rajeev says the accuracy level is 99.8%, and there's an 80% productivity gain.
➤ They have received
$6.5 million in seed funding
in a round led by Arkam Ventures. They currently sell only in the US. Rajeev says they have a few dozen customers.
➤ They are working towards
building a large language model trained exclusively on finance and accounting data.
This will enable the development of more co-pilots.
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