Ema Raises $77M Series B as AI Agents Start Replacing Enterprise Software

Ema, a startup that deploys teams of AI agents to automate corporate workflows across HR, IT, and finance, has raised $77 million in a Series B round led by Bengaluru-based venture firm Creaegis, with Accel, Section 32, and Prosos increasing their existing stakes. The round, all primary equity, brings total funding to $140 million and more than quadruples the company's valuation from its 2024 round.

Founded in 2023 by former Google and Coinbase executive Surojit Chatterjee and ex-Okta executive Souvik Sen, Ema sells what it calls AI employees: coordinated agent systems that execute multi-step business processes across a company's existing applications instead of handling one task at a time. Chatterjee argues the model eventually erodes companies' dependence on traditional software, including SaaS products.

'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,' Chatterjee said. Ema first wraps around a company's existing tools, then gradually takes over their functions.

The funding lands as AI competes directly for enterprise software and IT services budgets, with major labs pushing into the same territory. Anthropic has built out enterprise agent offerings for finance and legal work, and OpenAI has staffed teams of forward-deployed engineers to put AI into production at customer sites. Chatterjee does not view the labs as direct competitors, noting Ema's software can draw on more than 150 models while the startup focuses on domain knowledge, integrations, and orchestration. 'Progress in frontier models is actually very beneficial to us,' he said.

Traction metrics are strong: more than 50 active enterprise deals, over one million active enterprise users, and more than five million completed actions and queries. Customers include NTT DATA, Hitachi, ADP, PwC, Google, KPMG, Wipro, and Microsoft. Revenue has grown fiftyfold in two years, with bookings exceeding $150 million across multiyear contracts, and net dollar retention around 180 percent. Over 90 percent of customers have expanded beyond their initial use case.

Pricing is tied to task completion and business outcomes rather than seats or tokens, and the company reports gross margins near 80 percent. The new capital will mostly fund go-to-market expansion. The Mountain View company, with nearly 200 employees and offices in Bengaluru, London, and Vancouver, plans to push into Asia-Pacific, South America, and the Middle East over the next year.