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KlearStack Raises Funding From Virenxia and ITCube Solutions

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The parent company of KlearStack, Mavenick Consulting, unveiled that it has signed definitive agreements for a strategic investment round from GI Projects from Virenxia and ITCube Solutions to accelerate growth. The Mavenick Consulting team provides Artificial Intelligence solutions to diverse industries around the world. They offer end-to-end solutions for detecting and interpreting information from documents and images through their SaaS platform, also known as Intelligent Document Processing (IDP).

The Founder and CEO of KlearStack, Ashutosh Saitwal, said, “KlearStack has clients globally from various domains. The new funding will help fast-track our roadmap to provide a significantly improved customer experience. This will positively impact all our employees, partners, and customers. We are now one step closer to what we always aspire to be – the go-to platform for IDP solutions.”

The KlearStack team has established a clear roadmap for this milestone, aiming to make the intelligent document processing skills of KlearStack more robust. KlearStack can process various types of documents out-of-the-box, such as invoices, purchase orders, receipts, loan documents, mandate forms, and insurance documents. In terms of innovation, the big idea revolves around the DIY machine learning platform which will enable users without data science skills to make custom solutions.

Currently, the global market for IDP solutions is estimated to grow at a CAGR (Compounded Annual Growth Rate) of 36.8% by 2026, presenting a great opportunity in the global document transformation space. KlearStack is now ready to break new ground in the cloud-based IDP market with this strategic investment.

The investing partners commented

The CEO and Chairman of Virenxia, Satyam K. Bose, “Our strategic investment in Mavenick Consulting is a testament to Virenxia’s commitment towards our long-term vision of pioneering the world’s first Socioeconomic Empowerment Company.” This collaboration will mutually benefit KlearStack and Virenxia to realize their shared vision of sustainability.

The Partner investor, ITCube Solutions’ CEO, Uday Inamdar, “The world is moving towards automation and KlearStack has all the necessary expertise to provide world-class solutions to enterprises. In this strategic partnership, we will work closely with KlearStack leadership in product innovation and Go-To-Market to help enterprises in their digital transformation journey.”

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