Travel and expense AI platform Clarasight has raised $11.5 million in a Series A fundraising round, which the company said will fund product development and expansion across North America and Europe.
Originally started as a solution to help companies meet sustainability goals, Clarasight more recently has been expanding its scope in assisting company with data management needs, automation and workflows. This month, the company launched a set of AI data management agents that can bring data together across travel management companies, card programs, expense platforms and human resources systems.
Clarasight said its revenue last year grew 10 times over the previous year and that it is managing data from programs representing more than $5 billion in travel and expense spending, including a quarter of the 16 largest programs in BTN's annual Corporate Travel 100 ranking.
The $11.5 million funding round was led by venture capital firm AlleyCorp, with other participants including Rackhouse Venture Capital, Clocktower Ventures, Pulse Fund, Thayer Ventures, Future Back Ventures, Vestigo Ventures and XYZ Venture Capital.