Veryfi nets $12m in its Series A to help businesses tap into the goldmine of unstructured data

AI-based data transformation platform Veryfi has bagged $12m in its Series A funding round led by NewView Capital.

Contributions also came from TI Platform, Willard Family and Act One Ventures. As part of the deal, NewView Capital principal Jazmin Medina.

The FinTech’s goal is to help businesses tap into the “goldmine of unstructured data” to help them make better decisions. It claims more than 80% of an organisation’s entire data set consists of unstructured data, such as emails, PDFs, paper receipts, media files, invoices, and beyond.

Founded in 2016 by Ernest Semerda and Dmitry Birulia, the company has built a suite of APIs capable of capturing, extracting and transforming unstructured data into business intelligence. Its services are out-of-the-box, enabling companies to quickly integrate the tools.

Its tools include expense management, bookkeeping, accounts payable and B2B payments. Veryfi is currently used by more than 80 companies.

NewView Capital founder and managing partner Ravi Viswanathan said, “We love the elegance of the Veryfi solution. They’re solving a huge, complicated data problem with their suite of APIs. We believe Veryfi has the opportunity to usher in a new wave of data enablement by providing near-instantaneous time to value to their customers.”

Earlier in the year, NewView Capital contributed to the $105m Series C of Human Interest, a provider of 401 (k) tools.

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