SAN FRANCISCO, Jan. 24, 2022 /PRNewswire/ — Klarity, the AI platform that turns documents into structured data and frees humans from painful and voluminous document review, today announces $18M in Series A funding led by Tola Capital with participation from new and existing investors. With 5x growth over the past three quarters, the company continues to scale and meet the needs of midmarket and enterprise finance and accounting teams. Klarity will invest this round of capital to grow its engineering and Go-To-Market teams to deliver the world’s first fully-automated document processing and management platform for finance and accounting teams for midmarket and enterprise companies. Sheila Gulati, the Managing Director and Founder of Tola Capital will be joining the board of directors.
New investors include:
- Tola Capital
- Invus Opportunities
- Dave Sipes, CEO of 8×8; Sam Wilson, CFO of 8×8 and Germaine Cota, CAO of 8×8 and Klarity customer
- Tony Tiscornia, CFO of Coupa and Klarity customer
- Daniel Dines, founder and CEO of UiPath, Brandon Deer, VP of Operations and Strategy of UiPath and Dylan Reider of Crew Capital
- Douglas Solomon, former General Counsel, and Ron Gill, former CFO, NetSuite
- Brad Lightcap, CFO; Jeanine Korovesis, Controller; Jason Kwon, General Counsel, OpenAI
Existing investors following on, include: Elad Gil, Daniel Gross, Nat Friedman and Picus Capital
Klarity was founded by Harvard Law and MIT graduates, Ondrej Antos and Nischal Nadhamuni. Since launching its flagship product, Klarity has grown its enterprise customer base from zero to 39 in a single year – a group that includes some of the most innovative and well-known software companies in the world. As the company has grown, so too has customer demand for new features and capabilities. With this significant cash infusion, Klarity will deliver further capability to midmarket and enterprise customers.
“This funding round represents a huge leap forward for Klarity and its customers, and a resounding vote of confidence for our platform. We are thrilled to welcome new investors onboard, and incredibly proud that our existing investors not only participated in this round but grew their investments exponentially,” said Ondrej Antos, CEO and co-founder of Klarity. “We’re excited to invest heavily in building a unique community for revenue accounting professionals, supporting our existing customers and continuing growing at an exponential pace,” added Ondrej Antos.
“What distinguishes Klarity from the competition is that our document intelligence platform is by far the most accurate in the world. Now, we’ll be able to increase our investment into our Artificial Intelligence platform and further solidify our position as a leader in document intelligence,” said Nischal Nadhamuni, CTO and Co-founder of Klarity.
Most organizations rely on a painful, repetitive, manual review process to glean mission-critical information from documents needed for order processing, billing and revenue recognition. Klarity’s platform automates these processes to eliminate the need for manual review, which frees highly skilled professionals from the most cumbersome parts of their jobs. Klarity’s platform was built over four years leveraging cutting-edge Natural Language Processing, Computer Vision and general Machine Learning techniques to understand documents to the same degree as a human.
Today, the vast majority of enterprises don’t even realize there is a technological solution to this omnipresent problem. This additional funding will allow Klarity to build and scale sales and marketing to help reach and educate the countless enterprises positioned to immediately benefit from Klarity’s one-of-a-kind platform. “Revenue recognition and compliance with ASC 606 is both essential and presents pervasive challenges in terms of human capital requirements and human error. Not only does Klarity solve this problem of transforming documents to structured data, they have done it in a way that is automated, removes the risk of mistakes, and provides an audit trail,” said Jake Nibley, Vice President, Tola Capital. “We are delighted to be partnering with Klarity to build an enduring, AI-powered document processing platform.”
Klarity has eliminated painful, resource-intensive manual document review for some of the highest-growth SaaS companies across midmarket and enterprise like Coupa and 8×8.
During the first year of its existence, Klarity processed over 144,000 documents for its customers, increasing compliance and saving more than 35,000 human-hours in document review for finance and accounting teams at private and public companies.
“Klarity came in and quickly helped us cure one of our most challenging headaches with technology that simply didn’t exist prior. As a customer, the peace of mind Klarity delivers is extremely valuable,” said Tony Tiscornia, CFO of Coupa. “We are proud to accompany this incredible founding team on its continued journey, and look forward with great anticipation to what they have in store.”
Klarity is building a future where humans don’t have to waste time and mental energy on reviewing repetitive documents. With roots at MIT and Harvard, we’ve built an AI-powered software that understands documents the same way humans do and with a higher accuracy. Today, Klarity is used by finance and accounting departments at companies like Coupa and 8×8 that use Klarity’s technology to automate the burdensome review and management of documents for revenue accounting purposes. Klarity’s AI software improves financial regulation compliance, saves accounting teams 85%+ time and removes the most dreaded part of their jobs – document review. For more information, visit www.tryklarity.com.
About Tola Capital
Founded in 2010 by ex-software operators, Tola Capital is a venture capital firm that believes in the power of software and data to transform businesses. We provide hands-on engagement to founders who see that future and are building solutions with the potential for long-term, transformational change. Tola Capital exclusively targets software companies with essential products for enterprise customers, led by exceptional and diverse talent. Tola Capital invests globally and across multiple stages to change how the world will work. For more information, visit https://www.tolacapital.com
SOURCE Klarity Intelligence, Inc.