SAN FRANCISCO — Klarity, an AI platform that turns documents into structured data and frees humans from painful and voluminous document review, has announced $18 million in Series A funding led by Tola Capital with participation from new and existing investors.
[Photo above: Klarity founders Ondrej Antos and Nischal Nadhamuni on Y Combinator Demo Day (Summer 2018)/
The company, a Y Combinator alumnus, says it has experienced 5x growth over the past three quarters. Klarity plans to use the 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 in Klarity 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.