March 21 (Reuters) - Borderless AI has raised $27

million in a funding round led by investment firm Susquehanna

and Bernard Arnault's venture capital company, Aglaé Ventures,

the artificial intelligence-powered human resource management

platform said on Thursday.

The fundraise underscores the frenzy that had helped the AI

sector attract a major share of VC money last year in a largely

subdued environment. AI-related startups attracted one out of

every three dollars invested in the U.S. in 2023, according to

data from PitchBook.

The ease of operating technologies that can generate

human-like responses to written prompts has also led to a surge

in demand for AI applications.

Toronto-based Borderless AI, which uses generative AI to

automate onboarding and managing payments of team members, was

founded by Willson Cross and Sean Aggarwal.

Cross previously co-founded Canadian pet services platform

GoFetch, while Aggarwal is the former chair and current lead

independent director of the board at ride-sharing platform Lyft ( LYFT )

.

The funds raised in the latest round will allow the company

to expand into new markets and build upon its current AI product

suite, CEO Cross said in an interview with Reuters.

The company did not disclose its valuation after the

fundraise.

Borderless AI's model, called Alberni, can create employment

contracts, analyze legal agreements and answer tax queries to

help HR teams cut down costs and perform services quicker.

Alberni is available in 170 languages and can solve complex

problems and automate processes within 10 minutes, according to

the company.

"This isn't going to replace the people behind the HR

function, but instead, the goal is to make their jobs easier,

more seamless and more efficient," Cross added.

The company's customers include dating and networking app

Raya, global architecture firm MG2 and fintech startup Affiniti.