It’s weird to say, but accounting is hot – at least in the startup world.
Clarity has turn out to be the latest accounting-related startup to lift large funds in the industry. The San Francisco-based company raised $70 million in Series B funding, led by: Nat Friedman AND Daniel Gross and included participation from Scale enterprise partners, The capital of Tola, Peak capital, Invus Capital AND Y Combinator – For report IN information.
No valuation has been published.
It’s no surprise that Klarity has an approach to artificial intelligence. The company uses artificial intelligence to support data processing in contracts and internal documents, eliminating the have to do it manually. The latest funds will likely be used to expand the 130-person staff. The report shows that the company is on track to triple that number this 12 months.
Big rounds
In the last few months alone, the accounting technology sector – perhaps not the sexiest or hottest in the startup world – has seen some pretty big fundraising.
Accounting platform provider based in Copenhagen Eternity raised an $88 million round led by Investcorp in April.
Previously, he was a programmer of tools for automating accounting workflow FloQastblocked $100 million in Series E financing, which he led Iconiq developmentand audit automation provider DataSnipper raised $100 million under his leadership Index ventures.
As with Klarity, AI is playing a role in most of those large rounds as startups look to adopt the technology to automate or speed up some tedious accounting tasks.
The funding move is no different than what’s happening in other often neglected industries, comparable to the legal sector, where AI startups proceed to rake in the big bucks.