Klarity, a San Francisco, Calif.-based AI platform that turns documents into structured data and frees humans from painful and voluminous document review, announced that it raised $18 million in Series A funding.
The round was led by Tola Capital with participation from new investor Invus Opportunities, Dave Sipes, CEO of 8x8; Sam Wilson, CFO of 8x8 and Germaine Cota, CAO of 8x8 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, and existing investors include: Elad Gil, Daniel Gross, Nat Friedman, and Picus Capital
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.
Company: Klarity Intelligence, Inc.
Round: Series A
Funding Month: January 2022
Lead Investors: Tola Capital
Additional Investors: Invus Opportunities, Dave Sipes, Sam Wilson, and Germaine Cota, and Klarity customer, Tony Tiscornia, Daniel Dines, founder, Brandon Deer, Dylan Reider, Douglas Solomon, and Ron Gill, NetSuite, Jeanine Korovesis, Jason Kwon, General Counsel, OpenAI, Elad Gil, Daniel Gross, Nat Friedman, and Picus Capital
Company Website: https://www.tryklarity.com/
Software Category: Document Automation Platform
About the Company: Klarity was founded by Harvard Law and MIT graduates, Ondrej Antos and Nischal Nadhamuni, Klarity is a pioneer in document processing artificial intelligence. 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. Today, Klarity is used by finance and accounting departments at companies like Coupa and 8x8 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.