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Klarity raises $70 Million in Series B

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The round was led by NFDG, with participation from existing investors Y Combinator, Tola Capital, Picus Capital and, Invus Capital and significant support from Scale Venture Partners.

SAN FRANCISCO, Calif., June 24, 2024-- Klarity, an AI automation platform that enables enterprise to Build Exponential Organizations, is thrilled to announce the successful completion of its $70 million Series B funding round. The round was led by NFDG, with participation from existing investors Y Combinator, Tola Capital, Picus Capital and Invus Capital and a new investor Scale Venture Partners. Klarity is excited to welcome Daniel Gross from NFDG and Rory O’Driscoll from Scale Venture Partners to the Board of Directors.

Our core insight is that, even in 2024 where internal communications in enterprise are done through structured data in systems like Salesforce or SAP, external communications are still primarily done through documents — Contracts, Order Forms, Purchase Orders, and Invoices. The primary burden falls on the accounting and compliance teams who care the most about data accuracy and completeness.

This reality requires every enterprise to build teams of people who read unstructured documents to then perform data transformation: match data in documents to systems and perform calculations and validations. The $300B+ offshore industry was born from this necessity. Now, for the first time ever, this work can be automated with Klarity’s proprietary AI-powered enterprise SaaS platform.

By automating document-centric tasks, our customers like DoorDash and CrowdStrike enjoy a number of benefits: reduced operational expense, real-time processing times and increased compliance. The combination of these benefits enables our customers to Build Exponential Organizations - teams that have exponentially higher productivity compared to their non-Klarity enabled peers. Exponential Organizations are impossible to compete with — they are extremely productive and much cheaper to run, allowing more investment to go into Research & Development and Go-To-Market efforts instead of operations.

Klarity will use the fundraise to hire incredible people across all functions, with a focus on engineering, product and GTM teams. Our goals are clear: grow our customer base across all enterprise sectors and continue delivering product that automates enterprise processes at the level of human cognition.

“We started building this automation platform in 2017. Going all-in on Generative AI has been a game changer. We’ve achieved 85%+ pass-through rates on document processing tasks and unlocked automation for processes that were previously only done by people.” said Nischal, Nadhamuni, Co-Founder and CTO of Klarity.

"Our customers are adopting Klarity to build Exponential Organizations," said Andrew Antos, CEO and Co-Founder of Klarity. "This Series B funding will enable us to hire the best people to scale Klarity to a $100B+ company and deliver exponential value to our customers. We are excited to learn from Daniel’s and Rory’s insights on how to build Klarity into a lasting, generation-defining enterprise AI company.”

‍About Klarity

Klarity enables enterprises to Build Exponential Organizations. By automating document-centric processes performed by scores of back-office workers, our customers like DoorDash, Zoom and 8x8 achieve perfect compliance, process all transactions in real time and save operational expense. Our key use cases include Order Management, Revenue Recognition ASC 606 compliance or Invoice Processing and our mission is to free humanity from repetitive document-centric tasks and focus their creative efforts on Building Exponential Organizations.

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