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Klarity Intelligence Secures $70 Million to Revolutionize Document Review with AI

Klarity Intelligence raises $70M to automate document review, leveraging AI to boost efficiency and reduce manual labor
June 26, 2024

Klarity Intelligence Inc., a document intelligence startup, has successfully raised $70 million in a Series B funding round led by Nat Friedman and Daniel Gross. This latest investment brings Klarity’s total funding to over $90 million, following an $18 million round in January 2022. Other significant participants in this round include Scale Venture Partners, Tola Capital, Picus Capital, Invus Capital, and Y Combinator.

Klarity Intelligence leverages generative artificial intelligence to transform how businesses handle document review. By automating the analysis of both structured and unstructured documents, such as contracts and internal records, Klarity’s technology extracts valuable insights, reducing the need for labor-intensive manual processes.

Many companies still rely on extensive manual efforts to review documents for order processing, billing, and revenue recognition. These tasks often involve matching data to internal systems and performing necessary calculations to maintain accurate accounts. Klarity's AI-driven platform offers a revolutionary alternative, automating data extraction and entry, and eliminating the drudgery of these repetitive tasks. This innovation addresses the $300 billion offshore industry that many businesses rely on for data entry outsourcing.

Klarity’s software-as-a-service platform uses advanced natural language processing, computer vision models, and machine learning techniques to understand documents with human-like accuracy. This technology frees employees from monotonous tasks, allowing them to focus on more strategic activities. The platform has already attracted prominent clients like DoorDash Inc. and CrowdStrike Holdings Inc., helping them achieve significant operational efficiencies, real-time document processing, and improved compliance. These clients have reported dramatically higher productivity, enabling them to allocate more resources towards research, development, and market expansion.

The newly acquired funds will be used to expand Klarity’s team, particularly in engineering, product development, and go-to-market functions. The company aims to grow its customer base and accelerate the creation of additional tools designed to automate business processes with exceptional accuracy.

Co-founder and Chief Technology Officer Nischal Nadhamuni highlighted the transformative impact of their commitment to generative AI. “We’ve achieved 85%-plus pass-through rates on document processing tasks and unlocked automation for processes that were previously only done by people,” Nadhamuni said.

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