Klarity

Klarity is a San Francisco-based artificial intelligence (AI) platform that turns documents into structured data, automating the manual review process for finance and accounting teams. Its flagship product helps companies eliminate the painful and resource-intensive task of manually reviewing repetitive documents like order forms, purchase orders, and agreements for revenue recognition, billing, and order processing.

Launched in August 2020, Klarity's platform leverages cutting-edge natural language processing, computer vision, and machine learning techniques to understand documents with the same degree as humans, but with higher accuracy. The company's AI software can process structured and unstructured documents, providing real-time insights and improving compliance with accounting standards like ASC 606.

Key use cases for Klarity's solution include order management, revenue recognition, and invoice processing. Its technology enables enterprises to automate document review, freeing up skilled professionals to focus on higher-value tasks. In its first year of operations, Klarity processed over 144,000 documents for customers, increasing compliance and saving more than 35,000 human-hours.

The platform integrates with existing systems like Salesforce and enterprise resource planning (ERP) tools, extracting data from documents and populating accounting checklists automatically. Klarity achieved a 9x year-over-year growth in annual recurring revenue over the last nine months leading up to January 2022. As of that period, the company had acquired 39 enterprise and mid-market customers, including Coupa, 8x8, and Optimizely.

In January 2022, Klarity raised USD 18 million in Series A funding led by Tola Capital. The company used the funds to expand its engineering and go-to-market teams, solidifying its position as a leader in document intelligence. In June 2024, Klarity raised an additional USD 70 million in Series B funding to further grow its customer base and develop new automation tools.