The accounting tech sector has seen significant investment in recent months, with Ageras, FloQast, and DataSnipper all raising large funding rounds. AI is a common feature in these startups, as they seek to automate and expedite tedious accounting tasks. This trend mirrors activity in other overlooked sectors, such as legal tech, where AI-driven startups are also securing significant investment.
Key takeaways:
- Klarity, a San Francisco-based accounting-related startup, has raised a $70 million Series B funding round led by Nat Friedman and Daniel Gross, with participation from Scale Venture Partners, Tola Capital, Picus Capital, Invus Capital and Y Combinator.
- The company uses AI to process data in contracts and internal records, eliminating the need for manual processing. The new funding will be used to expand its 130-person staff.
- The accounting tech sector has seen significant funding activity recently, with Ageras raising an $88 million round, FloQast securing a $100 million Series E financing, and DataSnipper raising $100 million.
- AI is playing a significant role in these funding rounds, as startups are using the technology to automate or expedite tedious tasks in accounting, similar to trends in other industries such as the legal sector.