Ema, a startup building teams of AI agents to automate corporate processes in HR, IT, and finance, raised $77 million in a Series B round led by Creaegis, with existing investors Accel, Section 32, and Prosus increasing their stakes. The round brings total funding to $140 million and more than quadruples its valuation from its 2024 round, though Ema did not disclose the latest valuation. The round consisted entirely of primary equity with no debt or secondary transactions.

Founded in 2023 by former Google and Coinbase executive Surojit Chatterjee and ex-Okta executive Souvik Sen, Ema deploys what it calls “AI employees” — systems coordinating multiple AI agents to carry out multi-step business processes across existing applications. Chatterjee sees this model eventually reducing companies’ reliance on traditional SaaS products; Ema wraps around existing applications first, then customers can reduce dependence or replace them entirely. “Many of our customers are already on the way to replace [large SaaS applications] completely, removing dependency on them, because they are mostly becoming like a database,” he said.

The funding comes as AI competes for enterprise spending traditionally directed to software and IT services. Anthropic has expanded efforts to bring Claude into financial and legal work, and OpenAI has forward-deployed engineers working with customers. Chatterjee does not see frontier AI labs as direct competitors; Ema can draw on over 150 models, including frontier and open-source, while focusing on domain knowledge, integrations, and orchestration. “Progress in frontier models is actually very beneficial to us.”

Ema has over 50 active enterprise deals, over 1 million active enterprise users, and has handled more than 5 million actions and queries. Customers include NTT DATA, Hitachi, ADP, PwC, Google, KPMG, Wipro, and Microsoft. Over the past two years, revenue grew 50-fold, and revenue bookings surpassed $150 million. Chatterjee clarified bookings include the total value of multiyear contracts, not annual recurring revenue; he declined to disclose current annualized revenue run rate. More than 90% of customers expanded beyond their initial use case, with some deploying across dozens of workflows. Net dollar retention is around 180%.

Ema also targets consulting and services work. AI can take over implementation, integration, and consulting tasks traditionally done by IT services firms. “A lot of the services companies are working with us. They are also dramatically changing or disrupting their own business models because they understand the human-forward model may not be the best model going forward.” Ema maintains gross margins close to 80%, requiring less human support as AI learns from deployments. Pricing is tied to task completion and business outcomes, not seats or tokens.

New capital will go toward go-to-market operations, especially sales and marketing, after spending early years on product. The Mountain View–headquartered startup has nearly 200 employees, with offices in Bengaluru, London, and Vancouver. It has focused on the U.S. and Europe and plans to expand into Asia-Pacific, South America, and parts of the Middle East over the next year.