Accounting Startup Klarity Books $70M Series B 鈥� Report

It鈥檚 weird to say, but accounting is hot 鈥� at least in the startup world.

became the latest accounting-related startup to raise big in the sector. The San Francisco-based company raised a $70 million Series B led by and and included participation from , , , and 鈥� per a in .

No valuation was released.

Not surprisingly, there is an AI angle to Klarity. The company uses AI to help process data in contracts and internal records, eliminating the need to do it manually. The new cash will be used to add to its 130-person staff. The company is on pace聽 to triple that number this year, per the report.

Big rounds

Just in the past several months the accounting tech sector 鈥� perhaps not the sexiest or most talked about in the startup world 鈥� has seen some pretty big fundraises.

Copenhagen-based accounting platform provider raised an $88 million round led by in April.

Before that, accounting workflow automation tools developer , locked up a $100 million Series E financing led by , and audit automation provider raised $100 million led by .

Just as in the case of Klarity, AI plays a role in most of those big rounds as startups are looking to apply the technology to help automate or expedite some of the tedious tasks in accounting.

The funding action is not dissimilar to what is going on in other often overlooked industries, such as the legal sector, where startups using AI continue to rake in big bucks.