Ema Raises $77M Series B, Says Agents Are Replacing SaaS

Ema, the enterprise agent platform founded in 2023 by former Google and Coinbase executive Surojit Chatterjee and ex-Okta executive Souvik Sen, closed a $77 million Series B led by Bengaluru-based Creaegis, with existing backers Accel, Section 32 and Prosus increasing their stakes, TechCrunch reports. The round takes total funding to $140 million on what the company says is more than a quadrupling of its 2024 valuation; the exact figure is not disclosed.

Ema reports more than 50 active enterprise deals, over one million active enterprise users, and more than five million agent actions and queries handled. Revenue has grown 50-fold over two years, revenue bookings have surpassed $150 million on multiyear contracts, net dollar retention sits at around 180%, and gross margins are close to 80%. More than 90% of customers have expanded beyond their initial use case. The company has grown to nearly 200 employees across Bengaluru, London and Vancouver.

The customer list Ema names includes Google, Microsoft, ADP, PwC, NTT DATA, Hitachi and Wipro. Chatterjee's pitch is that agent platforms are starting to displace, not just augment, incumbent SaaS: "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." On model economics, he told TechCrunch that "Progress in frontier models is actually very beneficial to us." Ema says its platform can route across more than 150 frontier and open-source models.

The SaaS-as-database framing is the strongest version of a pitch also showing up across the enterprise AI funding stream we've tracked this quarter. None of the growth or retention figures are audited, and TechCrunch does not break out how many of the 50-plus deals are in production versus pilot, or which incumbent SaaS Ema is replacing first.