Veryfi Raises $12 Million To Use AI To Tackle The Unstructured Data Entry Market

Five years ago friends Ernest Semerda and Dmitry Birulia were on a surfing trip in Pacifica, California when they got to talking about their families and discovered that both of their mothers worked as bookkeepers. Birulia’s lived in Belarus, Semerda’s in Australia, and yet both moms faced similar career-long pain points around manual data entry. As software engineers, both working at coupon company Quotient Technologies, Semerda and Birulia set out to find a solution.

“People are talking about flying cars, but why the hell are we still using people to process financial documents?” Semerda tells Forbes

A few years of research and a stint at Y Combinator later resulted in Veryfi, a suite of API software that allows users to upload documents, like a W-2 or an invoice, to the platform and it will extract and compile the important info into structured data. It’s fast, efficient, and limits the space for human error, which can contribute up to business losses in the millions. Founded in 2017 and launched publicly in 2020, the San Francisco-based company is already profitable and recently raised a $12 million Series A round, as first reported in the Midas Touch newsletter. NewView Capital led the round with participation from TI Platform Management and Act One Ventures.

Intrigued by the opportunity to digitize another industry, NewView Capital, which spunout from NewView from NEA with a late-stage investment portfolio in 2018, jumped in early. “When you use this, you get this business intelligence unlocked in seconds versus minutes or hours,” says NewView’s Ravi Viswanathan. “That reminded me of Plaid, which decreased the time to insight by orders of magnitude.” NewView principal Jazmin Medina, who sleuthed the startup, will also take a board seat. The firm will use the capital for marketing and to keep up with the surge in demand due to companies looking to digitize in the pandemic. 

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