Veryfi, an AI-based data transformation startup based out of California has raised $12M in Series-A funding round led by NewView Capital, with participation from TI Platform Management and existing investor Act One Ventures. With the funding, Jazmin Medina of NewView Capital is going to be joining the Veryfi board.
Founded in 2016 by Ernest Semerda and Dmitry Birulia, Veryfi’s niche of data transformation APIs are designed to safely capture, extract, and transform unstructured data into valuable business intelligence in seconds. Veryfi provides an out-of-the-box, developer-friendly platform for corporations delivering financial services and tools, like expense management, bookkeeping, accounts payable, and B2B payments.
The company is going to use the raised capital to continue to expand operations and its marketing. Veryfi’s fast-growing list of customers includes leading VC-backed tech companies and large enterprises. They have already helped more than eighty companies produce meaningful business insights, reduce friction in their workflows, create more transparency in their system, and build world-class products and experiences.
Ravi Viswanathan, Founder and Managing Partner of NewView Capital, said, “NewView is proud to hitch forces with Veryfi for the recent Series A round. We are fan of the elegance of the Veryfi solution. They’re solving a huge and complicated data problem with the help of their suite of APIs. We think Veryfi has the chance to show in a new wave of data enablement by assisting with near-instantaneous time to value to their consumers.”
Veryfi helps corporations unleash the power of their unstructured data. More than 80% of an organization’s entire data set consists of unstructured data in the form of emails, PDFs, paper receipts, media files, invoices, and many other things. While they sit on huge piles of extremely important information, corporations haven’t had the resources or tools to tap into their unstructured data given its complexity.