# Veryfi

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/veryfi

- Industry: Software
- Headquarters: San Mateo, US
- Website: www.veryfi.com
- Total disclosed funding: $12M
- Latest round: Series A (Mar 19, 2021)
- Investors on record: 5

## About

Veryfi, Inc. is a US-based company specializing in advanced data extraction solutions through AI-powered Optical Character Recognition (OCR) APIs, enhancing document processing for various industries.Founded in 2016, Veryfi, Inc. is located in San Mateo, US, and provides AI-driven data extraction solutions. The company has undergone strategic pivots to focus on the growing demand for automation in document processing. Notably, Dmitry Birulia, Ernest S, and Geoff Davis are among the founders, and Veryfi raised a total of USD 12.00 mn in Series A funding on March 19, 2021, led by NewView Capital, along with participation from Act One Ventures and others. This funding represents the entire amount raised by the company.Veryfi specializes in providing advanced data extraction solutions through its suite of AI-powered Optical Character Recognition (OCR) APIs designed for various document types, including invoices, receipts, checks, and insurance cards. The core offerings enable businesses to automate the capture and processing of critical information from documents, streamlining workflows across multiple industries such as finance, healthcare, construction, and retail. Veryfi's products are designed to enhance efficiency by reducing manual data entry, ensuring high accuracy rates of up to 99.9%, and complying with stringent privacy standards, including SOC 2 Type II, GDPR, and HIPAA. The user base includes accounts payable teams, financial institutions, and healthcare providers, among others, primarily operating in North America, Europe, and parts of Asia.Veryfi operates on a subscription-based revenue model, allowing clients to access its suite of OCR and data extraction services through a tiered pricing structure that varies based on the volume of documents processed and features included. Clients, which primarily consist of businesses in sectors such as banking, construction, healthcare, and consumer goods, engage with Veryfi through direct partnerships, whereby they integrate the company's APIs into their existing systems for seamless document processing. The company's flagship services are embedded into various applications, enhancing expense management, document automation, and data accuracy for organizations. By offering a 14-day free trial, Veryfi encourages potential customers to experience the platform's capabilities before committing to a subscription, thereby facilitating client acquisition and retention in the competitive data extraction market.In March 2021, Veryfi raised USD 12.00 mn in Series A funding, led by NewView Capital, to expand its operations and business reach. The company plans to introduce new products that enhance its data extraction capabilities and aims to expand into additional markets, specifically targeting Europe and parts of Asia by the end of 2023. The recent funding will be utilized to support these initiatives, thereby facilitating the company's growth strategy.

## Funding rounds

- Series A, Mar 19, 2021, $12M — Transpose Platform Management, Act One Ventures, NewView Capital
- Seed, Mar 21, 2017 — Y Combinator, Zillionize Angel

## Investors

- Y Combinator (https://capitalatlas.ai/funds/y-combinator) — Seed
- Zillionize Angel (https://capitalatlas.ai/funds/zillionize-angel) — Seed
- Transpose Platform Management (https://capitalatlas.ai/funds/transpose-platform-management) — Series A
- Act One Ventures (https://capitalatlas.ai/funds/act-one-ventures) — Series A
- NewView Capital (https://capitalatlas.ai/funds/newview-capital) — Series A