Data Transformation Startup Veryfi Raises Series A to Unlock the Power of Unstructured Data

By PRNewswire On Apr 27, 2021

Veryfi, an AI-based data transformation platform for enterprise and technology corporations, announced a $12M Series A financing. The round was led by NewView Capital, with participation from TI Platform Management and existing investor Act One Ventures. With the funding, Jazmin Medina of NewView Capital will be joining the Veryfi board.

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Veryfi helps companies unlock the power of their unstructured data. Over 80% of an organization’s entire data set consists of unstructured data in the form of emails, PDFs, paper receipts, media files, invoices, and beyond. While they sit on mountains of valuable information, companies have not had the resources or tools to tap into their unstructured data given its complexity.

Founded in 2016 by Ernest Semerda and Dmitry Birulia, Veryfi’s suite of data transformation APIs are designed to securely capture, extract, and transform unstructured data into valuable business intelligence in seconds. Veryfi offers an out-of-the-box, developer-friendly platform for companies delivering financial services and tools, such as expense management, bookkeeping, accounts payable, and B2B payments.

“NewView is proud to join forces with Veryfi for their Series A round,” said Ravi Viswanathan, Founder and Managing Partner of NewView Capital. “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.”

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Veryfi’s rapidly growing list of clients includes leading VC-backed tech companies and large enterprises. They have already helped more than 80 companies extract meaningful business insights, reduce friction in their workflows, create more transparency in their ecosystem, and build best-in-class products and experiences.

“Companies today are faced with a difficult choice–either abandon the valuable data embedded in unstructured documents or invest tremendous time and resources in accessing it. What if we could change all of that with a single API that’s accurate, fast, and easy to implement?” said Ernest Semerda, Co-Founder of Veryfi. “Our goal is to help companies tap into the goldmine of unstructured data to make better business decisions. We are excited that NewView Capital shares our vision and that we can leverage their expertise as we focus on major product and growth initiatives this year. We believe this is just the beginning of what we can help companies achieve with our platform.”