KlariVis Raises $2.5 Million in Oversubscribed Seed Round
KlariVis, a unique and proprietary data analytics software platform developed by bankers for bankers, today announced it completed an oversubscribed $2.5 million seed round primarily from prominent angel investors in the Roanoke, Va. region, where KlariVis is headquartered. This investment further validates the growing demand for KlariVis and accelerates growth.
KlariVis CEO and Founder, Kim Snyder, said, "We are grateful for this affirmation and backing of investors who share our vision to equip and empower community banks with actionable data to better engage with customers and more effectively compete in today's digital environment. I am a banker at heart and am passionate about helping community banks."
Officially launched nationally in January 2020, KlariVis solves the data conundrum in the banking industry by compiling and aggregating high-value, actionable data in an automated fashion, enabling financial institutions to make more strategic and profitable decisions. It provides improved and timely insight into factors such as deposit, loan and revenue growth, enabling community banks to make data-driven decisions across their entire organization, providing a significant competitive advantage in today's market.
James S. Frantz, Jr., retired president and CEO of raham-White Manufacturing, invested in KlariVis and currently chairs the company's advisory board. When asked about his reasoning for investing, he noted, "As a prior Valley Bank/Valley Financial Corporation board member, I remember the voluminous pages and pages of information that we had to sort through each and every month to get an understanding of the bank's progress and success. When Kim showed me KlariVis, it made perfect sense and knowing her and her team, I immediately wanted to be involved."
George Coffman, a former bank executive with 37 years experience in the industry, also serves on the advisory board and is one of the initial investors in the company. "As soon as I saw the demo of KlariVis I immediately recognized the incredible value that this solution would provide to fill the information void that exists at banks of nearly any size. Most banks are filled with enormous amounts of customer and transaction data, but do not have an efficient and easy-to-use tool to turn that data into actionable information that enhances the decision-making process."
Coffman continued, "The solution was developed by former bankers with knowledge of how decisions are made in an organization, so they tailored the product to meet those needs. Having worked at numerous financial institutions varying in asset size, it was immediately apparent the market potential for KlariVis; the future for the company is limitless, and I was pleased to be able to invest during the early stages of its development."
Joining Frantz and Coffman on the KlariVis advisory board are Michael Wise, retired CFO, Corvesta Inc., Dr. William ("Eddie") Amos, software engineering executive, product strategist and technology evangelist, and David Snyder, CPA, retired senior partner with Brown Edwards & Company., L.L.P.
Snyder added, "The overwhelming amount of interest and excitement we continue to receive from community banks demonstrates the dire need for KlariVis. We currently have more than 170 banks at various stages in our sales pipeline. This investment enables us to accelerate and scale our growth plan, helping more community banks get the right data in the right hands at the right time to make the right decisions for their organization."
Created by veteran community bank executives, KlariVis was developed to enable institutions of all sizes to access their transformative data in an efficient way, interpret it, and act decisively on it. The KlariVis team has more than 100 years of community banking experience and aims to provide financial institutions with a data analytics platform designed to solve the data conundrum that is prevalent in the industry today.