Ema, a startup that uses coordinated teams of AI agents to automate corporate HR, IT and finance processes, has closed a $77 million Series B round. The financing was led by Bengaluru-based venture firm Creaegis, with existing investors Accel, Section 32 and Prosus increasing their stakes. The round consisted entirely of primary equity; Ema confirmed there were no debt or secondary transactions. With this raise, the company’s total funding reaches $140 million. Ema declined to disclose its latest valuation but said it has more than quadrupled since its 2024 round.
What Ema builds and why it matters
Founded in 2023 by Surojit Chatterjee (a former Google and Coinbase executive) and Souvik Sen (a former Okta executive), Ema offers what it calls “AI employees”: systems that orchestrate multiple AI agents to carry out multi-step business processes across a company’s existing applications rather than automating single tasks in isolation. According to Chatterjee, the approach can reduce enterprises’ reliance on traditional software products, including large SaaS applications, by initially wrapping existing systems and eventually enabling partial or full replacement in some cases.
Position relative to major AI labs
Large AI companies are also expanding into the enterprise spaces where Ema operates. Anthropic has pushed Claude into financial and legal workflows, and OpenAI maintains forward-deployed engineering teams that help customers put AI into production. Chatterjee does not see those frontier labs as simple competitors: he says Ema’s platform can draw on more than 150 models, including frontier and open-source models, while the company focuses on domain knowledge, integrations and end-to-end orchestration. He described progress in frontier models as beneficial to Ema.
Customers, metrics and business model
Ema reports more than 50 active enterprise deals, over 1 million active enterprise users, and in excess of 5 million actions and queries processed. Notable customers include NTT DATA, Hitachi, ADP, PwC, Google, KPMG, Wipro and Microsoft.
The company says its revenue has grown 50-fold over the past two years and that revenue bookings have surpassed $150 million. Chatterjee clarified that bookings reflect the total value of multiyear contracts (for example, two- and three-year deals) rather than annual recurring revenue; he declined to disclose a current annualized revenue run rate. More than 90% of customers have expanded beyond their initial use case, with some deploying Ema across dozens of workflows. Ema’s net dollar retention rate is around 180%, indicating existing customers spend substantially more over time.
Ema does not charge by software seats or AI token consumption; its pricing is tied to task completion and business outcomes.
Impact on services firms and margins
Chatterjee said AI can also take over parts of implementation, integration and consulting work that companies have traditionally outsourced to IT services firms. Several service providers already work with Ema and are adapting their business models as client engagements become less human-forward in certain areas.
Despite taking on work historically performed by software vendors and services firms, Ema reports gross margins close to 80%. The company says its AI systems require less human support as they learn from deployments, which helps margins improve over time.
Use of proceeds and expansion plans
Ema plans to allocate much of the new capital to expand its go-to-market organization, especially sales and marketing, after spending earlier years primarily on product development. The Mountain View–headquartered startup has grown to nearly 200 employees and maintains offices in Bengaluru, London and Vancouver.
To date Ema has focused mainly on customers in the U.S. and Europe; over the next year it intends to expand into new markets, specifically across Asia-Pacific, South America and parts of the Middle East.
