Veryfi – Data Transformation Platform Raises $12M in Series A

Veryfi - Data Transformation Platform

Veryfi (formerly IQBoxy), our portfolio startup and an AI-powered data transformation platform offering apps and APIs to capture, extract, organize and transform unstructured data collected from documents into standardized format for businesses use has raised $12M in Series A funding round led by NewView Capital in participation with 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. 

Veryfi is ready to use, right out of the box with no training necessary. “That is a total game changer in this industry,” Semerda says. “Enterprise firms would have to spend close to half a million dollars setting things up, and the next few months onboarding. That just consumes so much time. With Veryfi, they sign up and within one minute, they have access.” The startup also keeps prices low, with $5 per user per month for some functions, making it widely accessible for businesses of different sizes.  

While Veryfi is built to make data entry quicker, the startup is also focused on making the process more secure and code compliant. Semerda’s former startup, VectorCare, a healthcare platform for providers, navigates HIPAA compliance guidelines and the founder has carried the tight focus on privacy to Veryfi. The company is currently GDPR compliant in addition to SOC Type 2 certified, an industry privacy metric that is certified by an outside auditor. Semerda adds that Veryfi also gives customers complete control over their data with multiple options of what to do after they use the system.

Please read full story at Forbes.