Ema, a startup that uses teams of AI agents to automate tasks in areas like human resources, information technology, and finance, has raised $77 million in a new funding round. This Series B round was led by the Indian venture firm Creaegis, with existing investors Accel, Section 32, and Prosus also increasing their stakes. The funding brings Ema’s total raised capital to $140 million and significantly increases its valuation compared to its previous round in 2024. Ema did not reveal its current valuation, and the round was entirely based on primary equity, meaning the company issued new shares rather than taking on debt or selling existing shares. Founded in 2023 by Surojit Chatterjee, a former executive at Google and Coinbase, and Souvik Sen, who previously worked at Okta, Ema aims to grow its presence in the market. The company’s technology is built around “AI employees”—systems that coordinate multiple AI agents to perform complex tasks across a company’s existing software. Chatterjee explained that these AI systems could eventually reduce a company’s need for traditional software products, including those offered as software-as-a-service (SaaS). Ema starts by integrating with a company’s existing applications before helping them reduce their reliance on specific software, sometimes even replacing it entirely. In recent months, major AI companies like Anthropic and OpenAI have also been expanding into the enterprise market, where Ema operates. However, Chatterjee does not view these companies as direct competitors. He noted that Ema can leverage more than 150 different AI models, including both cutting-edge and open-source options, and focuses on integrating and orchestrating them to automate business processes. “Advancements in frontier AI models are actually very beneficial to us,” Chatterjee said. Ema’s approach is already showing results. The startup has over 50 active enterprise deals and more than 1 million enterprise users, with its systems handling over 5 million actions and queries. Its clients include major companies like NTT DATA, Hitachi, ADP, Google, and Microsoft. Over the past two years, Ema’s revenue has grown 50 times, with revenue bookings surpassing $150 million. Chatterjee explained that this figure includes the value of multiyear contracts, not just annual revenue. While he did not disclose the company’s current annual revenue, he noted that customers are spending significantly more with Ema over time, with the startup’s net dollar retention rate at around 180%. Looking ahead, Ema plans to expand beyond just its software. Chatterjee said AI could take over some of the work traditionally handled by IT services firms, such as integration and implementation. He noted that many service companies are now partnering with Ema, and some are even rethinking their business models in response to the shift. Despite entering markets traditionally dominated by software and services providers, Ema has maintained gross margins close to 80%. This is partly due to its AI systems learning from deployments, reducing the need for human support over time. Ema’s pricing model is also different from traditional software companies—it charges based on completed tasks and business outcomes, not by the number of users or AI tokens consumed. The new funding will primarily be used to expand Ema’s go-to-market strategy, especially in sales and marketing, after the company focused on product development in its early years. Based in Mountain View, California, Ema has offices in Bengaluru, London, and Vancouver and currently employs nearly 200 people. So far, the company has mainly focused on customers in the U.S. and Europe, but it now plans to expand into new markets in Asia-Pacific, South America, and parts of the Middle East over the next year.