Borderless AI raises $27 mln in funding

Borderless AI raises $27 mln in funding


Borderless AI raises $27 mln in funding

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(Reuters) - Borderless AI has raised $27 million in a funding round led by investment firm Susquehanna and Bernard Arnault's venture capital company, Aglaé Ventures, the artificial intelligence-powered human resource management platform said on Thursday.

The fundraiser underscores the frenzy that had helped the AI sector attract a major share of VC money last year in a largely subdued environment. AI-related startups attracted one out of every three dollars invested in the U.S. in 2023, according to data from PitchBook.

The ease of operating technologies that can generate human-like responses to written prompts has also led to a surge in demand for AI applications.

Toronto-based Borderless AI, which uses generative AI to automate onboarding and managing payments of team members, was founded by Willson Cross and Sean Aggarwal.

Cross previously co-founded Canadian pet services platform GoFetch, while Aggarwal is the former chair and current lead independent director of the board at ride-sharing platform Lyft.

The funds raised in the latest round will allow the company to expand into new markets and build upon its current AI product suite, CEO Cross said in an interview with Reuters.

The company did not disclose its valuation after the fundraise.

Borderless AI's model, called Alberni, can create employment contracts, analyze legal agreements and answer tax queries to help HR teams cut down costs and perform services quicker.

Alberni is available in 170 languages and can solve complex problems and automate processes within 10 minutes, according to the company.

"This isn't going to replace the people behind the HR function, but instead, the goal is to make their jobs easier, more seamless and more efficient," Cross added.

The company's customers include dating and networking app Raya, global architecture firm MG2 and fintech startup Affiniti.