New York startup Clark has raised an $11 million seed round led by Touring Capital to build artificial intelligence agents that carry out audit work, the company said Monday. Clark says it has now raised $16 million in total. The company used to be called uiAgent.
What are Clark's Clerks?
Its new agents, called Clerks, are assigned to an audit much like a junior auditor would be. They review documents, run tests and prepare workpapers. If something is missing, a Clerk asks the client for it and picks the work back up once it arrives.
Do human auditors still sign off on AI-assisted audits?
Human auditors still make the judgment calls and sign the final opinion. That is the same split Black Ore uses in its AI tax tool for accounting firms. Clark says more than 35 accounting firms use its tools, including CliftonLarsonAllen and Aprio.
Clark also offers firms a 100% accuracy guarantee. The promise comes at a sensitive moment for the profession. Big Four firms have been caught publishing AI errors in their own reports.
“A promise of accuracy only means something when it has money behind it,” said founder and chief executive Enes Witwit.
Who else is building AI for audit work?
Marathon Management Partners, Rerail and Sofeon Ventures also joined the round. Clark is one of several startups going after audit work, a market where Big Four firms charge by the hour. Andera raised $37 million in June to automate internal audits. Benford is building an audit firm around its own software.
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