Financial round: $77 million and valuation
- Ema raised $77 million in a Series B round.
- The round was led by Bengaluru-based venture capital firm Creaegis.
- Accel, Section 32, and Prosus increased their stakes.
- The round consisted entirely of primary equity.
- Total funding reached $140 million.
- The valuation was more than four times its post-round 2024 valuation.
- The company did not disclose its current valuation.
Takeaway: The round confirms investors’ bet on agents in enterprise budgets.
Product: agent teams and integrations
Ema uses teams of AI agents to automate processes in HR, IT, and finance. The system coordinates multiple agents and executes multistep workflows in existing applications.
Key elements:
- more than 150 models, including frontier and open-source models;
- industry expertise, integrations, and orchestration;
- end-to-end business process automation;
- “wrapping” around existing applications;
- the ability to reduce reliance on or replace some products.
Chatterjee said that many customers are moving toward fully replacing major SaaS applications. According to him, those applications are “mostly turning into databases.”
Takeaway: The system’s value lies in orchestration and integration, not in any single model.
Competition for software and IT services budgets
The funding comes amid competition for business spending on enterprise software and IT services. Startups, major AI labs, and established software companies are vying for these funds.
Ema also targets implementation, integration, and consulting work. Companies have traditionally entrusted it to IT services firms. Many of these firms work with Ema and are changing their business models.
Takeaway: Agents are vying for budgets once dominated by services firms and SaaS vendors.
Customers and adoption metrics
Ema reported more than 50 active enterprise deals. The company cited more than 1 million active enterprise users and more than 5 million completed actions and queries.
Customers include:
- NTT DATA;
- Hitachi;
- ADP;
- PwC;
- Google;
- KPMG;
- Wipro;
- Microsoft.
More than 90% of customers expanded their use of the product beyond the initial use case. Some deployed it across dozens of workflows. Net dollar retention is around 180%.
Takeaway: Expansion into additional use cases and high retention indicate that agents are becoming embedded in ongoing processes.
Revenue, bookings, and gross margin
Ema’s revenue grew 50-fold over the past two years. Bookings exceeded $150 million. This figure includes the full value of multiyear contracts, including two- and three-year agreements.
Bookings are not annual recurring revenue. The company did not disclose its current annualized revenue run rate. Gross margin is close to 80%.
Chatterjee noted that AI systems learn from deployments. As a result, they require less human support, and margins improve over time.
Takeaway: Multiyear contracts and high margins support the model, but the run rate remains unknown.
Pricing and plans for the funds
Ema does not charge based on the number of user licenses or AI tokens consumed. Pricing depends on task completion and business outcomes.
Plans:
- allocate a significant portion of the new funds to expanding go-to-market;
- strengthen sales and marketing;
- enter new markets over the next year;
- build a presence in Asia-Pacific, South America, and parts of the Middle East.
Ema is headquartered in Mountain View. The company has nearly 200 employees. Previously, it worked primarily with customers in the US and Europe.
Takeaway: Outcome-based pricing and expansion into new regions are key elements of scaling.
