Bengaluru, NFAPost: Klarity, a document automation SaaS platform backed by AI technology, founded by Ondrej Antos and Nischal Nadhamuni, announced an $18 million Series A funding round led by Tola Capital.
As part of the investment, Sheila Gulati, founder and managing director of Tola Capital, joins Klarity’s board of directors. To date, Klarity has raised just over $20 million.
In an interaction with NFAPost, Klarity CTO and Cofounder Nischal Nadhamuni said it is a great day in the journey of Klarity so far.
“Me and my cofounder Ondrej Antos conceived the idea of business used case of reviewing large amounts of data for various enterprise stakeholders, especially lawyers during our MIT days in 2017. My competency in Natural Language Processing with some fine-tuning helped us to launch a product in 2020 and started applying it to understand documents better than humans,” said Klarity CTO and Co-founder Nischal Nadhamuni.
It is interesting to note that the platform helped in replacing humans in the monotonous task of reading large-scale documents of enterprises, including accounting order forms, purchase orders, and agreements. The SaaS platform helps in better reading identical documents to find non-standard language which ultimately led to saving time and avoiding mistakes.
Commenting on the company’s product, Klarity Senior Machine Learning Engineer Aditya Thiruvengadam said we have come up with an artificial intelligence platform that turns documents into structured data with higher accuracy.
“Globally, companies are looking at hyper-automation and the full document automation market is still very nascent. We are expanding this used case application in various business verticals by working with clients,” said Aditya Thiruvengadam who played a formidable role in expanding the AI capability of the company.
Bengaluru-born Cofounder Nischal Nadhamuni said the company is expanding its offices in San Francisco and Bengaluru. “Since we are getting tremendous response from the market, there is a massive hiring requirement from the current 34 employees. We had only 14 team members a year ago and now looks at hiring sales, marketing and engineering talents,” said Nischal Nadhamuni.
Nischal Nadhamuni also pointed out that the company’s tech team is fine-tuning the SaaS platform so that it can take up complex document reviews of customers in multiple verticals. “It is a continuous journey and our team is on an ambitious path to the scope of this document review capabilities,” said Nischal Nadhamuni.
