Oddly enough, accounting is a hot field, at least in the startup world.
Klarity is the latest accounting startup to raise a big round of funding in the space: The San Francisco-based company raised $70 million in Series B funding led by Nat Friedman and Daniel Gross, with participation from Scale Venture Partners, Torla Capital, Picus Capital, Invas Capital, and Y Combinator, reports The Information.
The valuation was not disclosed.
Naturally, there’s an AI side to Klarity: The company is using it to crunch data on contracts and internal company records, eliminating the need for manual processes. The new funding will help add 130 staff members; the company is on pace to triple that number this year, according to the report.
Big Round
The accounting technology space may not be the most sexy or talked about in the startup world, but it has seen some pretty sizable funding rounds over the past few months.
Ageras, a Copenhagen-based accounting platform provider, raised $88 million in April in a round led by Investcorp.
Prior to that, accounting workflow automation tool developer FloQast secured $100 million in Series E funding led by Iconiq Growth, and audit automation provider DataSnipper raised $100 million led by Index Ventures.
As with Klarity, AI plays a role in most of these big funding rounds, as startups look to apply technology to automate or speed up some of the tedious tasks in accounting.
This fundraising activity isn’t all that different from what’s happening in other, often overlooked, industries, such as the legal sector, where AI-powered startups continue to rake in huge amounts of money.
Related Crunchbase Pro listings:
Related article:
Illustration: Dom Guzman
Stay up to date on recent funding rounds, acquisitions, and more with Crunchbase Daily.
