Why Are Investors Betting Big on Accounting Startups

Klarity, an accounting startup based in San Francisco, raised $70 million in a Series B funding round led by Nat Friedman and Daniel Gross, with additional support from Scale Venture Partners, Tola Capital, Picus Capital, Invus Capital, and Y Combinator. The raised funds will be used to expand Klarity's workforce, tripling it to 390 employees within the year. Klarity employs AI to process data in contracts and internal records, eliminating the need for manual work. This trend of significant funding is also observed in other accounting tech firms like Ageras, FloQast, and DataSnipper, which have also secured substantial investment to automate accounting tasks using AI. AI-driven startups in other sectors, such as legal tech, are also attracting significant investment.

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