Klarity Intelligence Inc., a startup specializing in document intelligence, has secured $70 million in its latest funding round led by Nat Friedman and Daniel Gross. The Series B funding also includes participation from Scale Venture Partners, Tola Capital, Picus Capital, Invus Capital, and Y Combinator, following an earlier $18 million funding round in January 2022. This brings Klarity’s total raised capital to more than $90 million, as reported by The Information.
Klarity employs generative artificial intelligence to automate the review and analysis of structured and unstructured documents, such as contracts and internal records. The company aims to uncover valuable insights hidden within these documents for businesses.
Many businesses currently rely on manual processes to extract and utilize information from documents for tasks like order processing, billing, and revenue recognition. Klarity offers an automated alternative with its platform, leveraging AI to analyze documents and automate data entry, significantly reducing operational costs and improving efficiency.
Using advanced natural language processing, computer vision models, and machine learning techniques, Klarity’s software-as-a-service platform comprehensively understands documents, mirroring human capabilities.
Since its last major funding round, Klarity has gained traction with prominent clients like DoorDash Inc. and CrowdStrike Holdings Inc. These clients benefit from real-time document processing, improved compliance, and reduced operational expenses, resulting in higher productivity compared to traditional manual methods.
The new funding will support Klarity in expanding its teams across engineering, product development, and go-to-market functions. The company aims to grow its customer base and accelerate the development of new automation tools to enhance business processes to human standards.
Nischal Nadhamuni, Co-founder and Chief Technology Officer of Klarity, highlighted the transformative impact of their generative AI approach, achieving over an 85% pass-through rate on document processing tasks and automating processes previously managed manually.
In summary, Klarity Intelligence is poised to redefine document intelligence with its innovative AI-driven platform, enabling businesses to streamline operations and focus resources on strategic initiatives.
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