Helping banks step up onboarding – Clarifai closes its Series C

Clarifai, which helps firms improve customer experiences and onboarding, has collected $60m in its Series C round, which was led by New Enterprise Associates.

The Series C was also supported by existing Clarifai backers Menlo Ventures, Union Square Ventures, Lux Capital, LDV Capital, Corazon Capital and NYU Innovation Venture Fund.

Commitments also came from first time backers CPP Investments, NextEquity Partners, SineWave Ventures and Trousdale Capital.

With the funds, Clarifai hopes to hire more staff for its sales, marketing and engineering teams. Capital will also be used to spearhead its international expansion efforts.

The Series C investment comes after a strong period of growth for Clarifai, which more than doubled revenue during 2020.

Founded in 2013, Clarifai leverages computer vision, natural language processing and deep learning AI to aid modelling of unstructured image, video, text and audio data. Its services are used in banking, insurance, e-commerce, digital asset management, aviation, manufacturing industries and more.

Its deep learning AI platform is used by financial services for multiple use cases. The technology can validate identity through facial recognition and document screening, improve know your customer processes, reduce in-branch and ATM fraud, and more.

As part of the deal, New Enterprise Associates partner Andrew Schoen will join the Clarifai board of directors.

Clarifai founder and CEO Dr. Matthew Zeiler said, “AI is unleashing enormous value across all industries and will unleash new use cases for years to come, but it cannot realize its full potential until developers of all skill levels can infuse AI into their applications.

“At Clarifai, we have been building on our deep learning AI platform for nearly a decade now, which empowers over 130,000 global users. We are at the forefront of a new era, Software 2.0, where AI is augmenting and replacing software. With this new round of funding, I am thrilled to continue our strong momentum by growing our incredible team and expanding our AI capabilities to continue to be the Software 2.0 platform of choice.”

The investment brings the FinTech company’s total equity raised to $100m.

Improving onboarding is becoming a major priory for financial services firms. A recent study from RegTech Associates on behalf of PassFort, found that consumers with “better than expected” onboarding experiences were more likely to remain loyal to a brand.

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