Highlights:

  • Klarity Intelligence processes data found in both structured and unstructured documents, including internal records and contracts, to give firms valuable insights that may be hidden there.
  • According to Klarity, their platform can comprehend documents just as good as a human can since it uses state-of-the-art computer vision, natural language processing models, and machine learning approaches.

Klarity Intelligence Inc. reeled in USD 70 million in the latest funding round spearheaded by Nat Friedman and Daniel Gross. The company deals in document intelligence.

Participating firms included Y Combinator, Tola Capital, Picus Capital, Invus Capital, and Scale Venture Partners. According to reports, the company has raised over USD 90 million in total with the recent Series B financing, which follows a USD 18 million investment in January 2022.

Like many other firms, Klarity depends on technology based on generative artificial intelligence. It processes data found in both structured and unstructured documents, including internal records and contracts, to give firms valuable insights that may be hidden there.

The organization notes that when it comes to such documents, most businesses are still trudging along with arduous, repetitious, and manual review processes. They have legions of workers who sit and read paperwork to get the data they require for revenue recognition, billing, and order processing. To balance the company’s accounts, those staff members must next compare the data in those documents to systems and carry out the required computations and validations.

According to Klarity, this extremely taxing undertaking gave rise to the USD 300 billion offshore sector, wherein several businesses contract out labor-intensive jobs like data entry to independent contractors in countries like the Philippines and India. These businesses now have an option in Klarity’s platform, which uses AI to automate data entry and document analysis.

The business says that by automating the information extraction process from documents, its software-as-a-service platform relieves employees of the most laborious parts of their tasks. According to Klarity, their platform can comprehend documents just as good as a human can since it uses state-of-the-art computer vision, natural language processing models, and machine learning approaches.

Since its most recent big funding round, Klarity claims to have gained a lot of traction. It has gained clients like DoorDash Inc. and CrowdStrike Holdings Inc. and offers them advantages like lower operating costs, real-time document processing, and improved compliance. Consequently, Klarity’s human teams have shown to be tenfold more productive than those who continue to carry out these activities by hand. This implies that its clients have more time and resources to devote to R and D and go-to-market initiatives.

The business stated that it will expand its teams across all key departments using the capital from the latest funding round, emphasizing engineering, product, and go-to-market initiatives. Long-term goals include expanding its clientele and accelerating the creation of new instruments that may automate commercial procedures with accuracy and quality comparable to that of a human.

Chief Technology Officer and Co-founder Nischal Nadhamuni stated that the enterprise’s decision to prefer all-in on generative AI has revamped its products. “We’ve achieved 85%-plus pass-through rates on document processing tasks and unlocked automation for processes that were previously only done by people,” he added.