Clarasight, a specialist in data management for the corporate travel space, has secured $11.5 million in a Series A round.
The investment was led by AlleyCorp with participation from Rackhouse Venture Capital, Clocktower Ventures, Pulse Fund, Thayer Ventures, Future Back Ventures, Vestigo Ventures and XYZ Venture Capital.
The company said the funding comes after a year in which recurring revenue grew 10x and its platform expanded to manage data from programs representing more than $5 billion in enterprise travel and expense spend.
The investment will go towards product development and expansion across North America and Europe.
Clarasight said its data management agents bring together data from an enterprise’s travel management companies, expense tools, card programs and HR systems into a single artificial intelligence (AI)-ready model.
It added that the technology replaces manual processes, provides a fuller picture of spend and catches out-of-policy spend.
"Every other core business function has been transformed by AI-native software,” said Adam Braun, co-founder and CEO of Clarasight.
“Corporate travel hasn't, and that gap is costing enterprises billions in inefficient spend, budget overruns and hours of manual work every day. Clarasight closes that gap."
"The corporate travel sector has lagged behind other enterprise categories in its use of AI, making this an extremely compelling opportunity in AI software development," said Marshall Porter, general partner at AlleyCorp. "Many of the world’s largest companies are now working with Clarasight and view the platform as a truly mission-critical part of how their business operates.”
The New York-based company started life as Climate Club and aimed to help companies meet their sustainability goals. The company rebranded to Clarasight in early 2024 and later expanded its capabilities beyond sustainability data.