Veryfi (formerly IQBoxy) uses modern AI & machine vision to automate the tracking & data entry of business tax obligations like receipts, expenses & mileage securely in real-time effectively minimizing tax audit risk and maximizing tax deduction opportunities.
Veryfi was founded by Ernest Semerda and Dmitry Birulia. Both are from Eastern Europe (Ernest from Poland and Dmitry from Belarus) and met in 2009 while working for Quotient Technology Inc (NYSE:QUOT). Dmitry was at that time building tools in his spare time to manage his finances, so the duo decided to team up and solve this for more people than just themselves. Ernest is a serial entrepreneur and previously founded Medlert – a platform to connect ambulances to hospitals which is today used by Kaiser Permanente to power their ambulatory logistics.
In 2017, Ernest and Dmitry completed the Y Combinator program which has an acceptance rate of 1% (that’s harder to get into than Stanford University at 3% acceptance rate). After the 3 month accelerator program, they raised capital on SAFEs (YC vehicle that is more founder friendly than a convertible note). A SAFE allowed them to stay under the radar until Series A.
Team has currently 6 FTEs and 2 PTE working for them in San Mateo, CA. Their advisory board include luminaries like Paul Willard (Partner Storm Ventures, xCMO Atlassian), Martin Cranitch (Founded Trans Pacific Tax), Dalton Caldwell (YC, imeem, app.net), Tim Brady (YC, Imagine K12, Yahoo 1st employee) and John Park (Legal, Harvard Law School – JD magna cum laude). Current investors include Y Combinator, Act One Ventures, Zillionize and SBT Venture Capital.
How is Veryfi different from competition?
Veryfi fully automates data entry and claim processing. It provides unlimited cloud data storage and real-time feedback to user so customers can actually throw away a receipt (under 5 second response while some of their peers take minutes to hours). Verify also claims a 92+% success rate on proprietary OCR (Optical Character Recognition) Engine which they see as a key differentiator.
Veryfi combines the features of three different widely used apps – MileIQ for tracking mileage, Expensify for expense / receipts and QBO/Xero for balancing the books (reconciliation). In addition, Veryfi is HIPAA & GDPR compliant. This is achieved by using 100% machine data entry and humans never seeing user data. Incidentally, General Data Protection Regulation (GDPR) comes into effect in May 2018 in Europe and any company that is mishandling personal data like found on receipts (for example think Uber receipts with user’s home address) will be fined 3% of world wide revenue.