We are incredibly proud to announce that Klarity has raised $18 million in Series A funding led by Tola Capital, closed at the end of 2021. With Tola’s deep expertise in the Enterprise SaaS space, it is both an honor and advantage to partner with such an incredible, diverse VC firm. We are also thrilled to welcome Sheila Gulati, Managing Director and Founder of Tola Capital, to our Board of Directors.
This funding round also includes several customers-turned-investors, a vote of confidence in our organization that is both appreciated and celebrated. These include investments from senior leadership at customers like 8x8, Coupa, and UiPath. In addition to new investors, existing investors Elad Gil, Daniel Gross, Nat Friedman, and Picus Capital have demonstrated their faith in the future of our platform with increased investments in Klarity.
Where we started
We started Klarity with a simple goal: to unlock human potential by automating repetitive document review. A disproportionate percentage of highly skilled, highly paid workers waste time reading similar documents over and over again. With the launch of our flagship product in August 2020, Klarity set its sights on the revenue accounting space to free people from painful, never-ending document review. Klarity’s platform was built over the course of four years and leverages cutting-edge Natural Language Processing and Computer Vision to understand documents as well — or better — than human reviewers. The result: The most accurate document intelligence platform available today.
The demand for our product, which replaces inefficient workflows dependent on countless spreadsheets and manual review, has led to 5x growth over the past three quarters. We have processed more than 144,000 documents for customers and saved more than 35,000 human hours in review. Simply put, we’ve built a platform that de-risks revenue accounting compliance by consistently delivering higher accuracy compared to human reviewers.
We could not have built any of this without the incredible team at Klarity. Nischal and I often joke that when we set out to create a document intelligence platform, we had the expectation that our task would be completed within months. Four years later and only with the help of an intelligent, passionate, and dedicated team, have we been able to accomplish any of our goals.
Our greatest strength has been a double-edged sword at times: We are an entirely new product, built to replace a long and labor-heavy workflow. We are so grateful to our customers for trusting Klarity with their revenue accounting document review, while understanding that we are still early in the process of building the world’s first technical solution to this long-standing problem.
Where we’re going
This funding round will help us double-down on our core product R&D to further accelerate our technology advantage. Our roster of insanely happy customers looks forward in anticipation to what we have in store, and have requested to subscribe to these new capabilities as they are developed and rolled out.
Our team looks forward to continuing to increase the level of investment in our AI platform, to build and scale our products, and most crucially to show enterprise businesses that they can finally solve this problem with cutting-edge technology.
While we continue to work in the revenue accounting space, our sights are set to expand and build out into other markets, using our tech to address pain points encountered in the enterprise business world. Keep an eye out for new use cases from Klarity over the next 18 months.
Read our TechCrunch article here
Interested in learning more about Klarity? Read about our product here or click here to set up an introductory call with our team.
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