With this Series A led by Tola Capital, Klarity will accelerate product and business growth with the vision to automate the review of all documents for medium and large enterprises
SAN FRANCISCO, January 24, 2022 /PRNewswire/ — Clarity, the AI platform that transforms documents into structured data and frees humans from painful and lengthy document review, announces today $18M in a Series A financing led by Capital Tola with the participation of new and existing investors. With growth multiplied by 5 over the last three quarters, the company continues to evolve and meet the needs of the finance and accounting teams of medium and large companies. Klarity will invest this funding round to grow its engineering and go-to-market teams to deliver the world’s first fully automated document processing and management platform for enterprise and mid-market finance and accounting teams . Sheila Gulati, the Managing Director and Founder of Tola Capital will join the Board of Directors.
lands of clarity $18 million Series A to expand its document automation platform for finance and accounting
New investors include:
Dave Sipes, CEO of 8×8; Sam Wilson, CFO of 8×8 and Germaine Cota, CAD of 8×8 and Clarity customer
Tony Tiscornia, financial director of Coupa and Clarity customer
Daniel Dine, founder and CEO of UiPath, Brandon deer, vice president of operations and strategy at UiPath and Dylan Reider crew capital
Douglas Solomon, former Advocate General, and Ron Gill, former CFO, NetSuite
Brad Lightcap, CFO; Jeanine Korovesis, Controller; Jason Kwon, General Counsel, OpenAI
The following existing investors include: Elad Gil, Daniel Gross, Nat Friedman and the capital Picus
Clarity was founded by Harvard Law and WITH 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 world’s most innovative and best-known software companies. As the company has grown, customer demand for new features and capabilities has also increased. With this significant cash injection, Klarity will provide additional capacity for middle market 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 on board, and incredibly proud that our existing investors have not only participated to this cycle, but have grown their investments exponentially,” said Ondrej Antos, CEO and co-founder of Klarity. “We are excited to invest heavily in building a unique community for revenue accounting professionals, to support our existing customers, and to continue to grow at an exponential rate,” added Ondrej Antos.
“What sets Klarity apart from the competition is that our document intelligence platform is by far the most accurate in the world. Now we will be able to increase our investment in our artificial intelligence platform and further solidify our position as a leader in documentary intelligence,” said Nischal Nadhamuni, CTO and co-founder of Klarity.
Most organizations rely on a tedious and repetitive manual review process to glean critical information from the documents needed for order processing, invoicing, and revenue recognition. Klarity’s platform automates these processes to eliminate the need for manual review, freeing highly skilled professionals from the heavier parts of their jobs. Klarity’s platform was built over four years using state-of-the-art 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 businesses don’t even realize that there is a technological solution to this pervasive problem. This additional funding will allow Klarity to develop and expand sales and marketing to help reach and educate the countless companies positioned to immediately benefit from Klarity’s one-of-a-kind platform. “Revenue recognition and ASC 606 compliance are both critical and present pervasive challenges in terms of human capital requirements and human error. Not only does Klarity solve this problem of transforming documents into structured data , but they did it in an automated way, removes the risk of errors and provides an audit trail,” said Jake Nibley, Vice President, Tola Capital. “We are thrilled to partner with Klarity to create a sustainable AI-powered document processing platform.”
Klarity has eliminated painful and resource-intensive manual document review for some of the fastest growing mid-market SaaS companies and companies like Coupa and 8×8.
In its first year of existence, Klarity processed over 144,000 documents for its clients, increasing compliance and saving over 35,000 human hours in document review for finance and accounting teams at private and public companies .
“Klarity stepped in and quickly helped us solve one of our toughest headaches with technology that simply didn’t exist before. As a customer, the peace of mind that Klarity provides is extremely valuable,” said Tony Tiscornia, Chief Financial Officer of cut. “We are proud to accompany this incredible founding team on their continued journey, and look forward to what they have in store for us.”
Klarity is building a future where humans don’t have to waste time and mental energy reviewing repetitive documents. With roots to WITH and Harvard, we’ve built AI-powered software that understands documents the same way humans do and with greater accuracy. Today, Klarity is used by finance and accounting departments at companies such as Coupa and 8×8 who use Klarity’s technology to automate time-consuming document review and management for revenue accounting purposes. Klarity’s AI software improves compliance with financial regulations, saves accounting teams more than 85% time and removes the most dreaded part of their job: document review. For more information, visit www.tryklarity.com.
About Tola Capital
Founded in 2010 by former software operators, Tola Capital is a venture capital firm that believes in the power of software and data to transform businesses. We offer hands-on engagement for founders who see this future and build solutions with the potential for long-term transformational change. Tola Capital exclusively targets software vendors with essential products for enterprise clients, led by exceptional and diverse talent. Tola Capital invests globally and across multiple stages to change the way the world will work. For more information, visit https://www.tolacapital.com
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SOURCEKlarity Intelligence, Inc.