Permitting Tech Firm Clariti Raises $10M Post-Acquisition

Clariti, a prominent provider of permitting and licensing software solutions for public agencies, has secured an additional $10 million in funding. This development comes shortly after the company acquired Camino Technologies, a competitor in the government technology (GovTech) space.

The recent funding round was led by CIBC Innovation Banking, a financial institution specializing in supporting innovative companies. This new capital injection follows a $18 million funding round secured by Clariti from Vistara Growth, a venture capital firm focused on technology investments.

The capital influx will be strategically directed towards several key initiatives. A significant portion of the funds will be allocated toward the ongoing integration of Camino Technologies into Clariti’s existing operations. This process aims to create a more comprehensive and streamlined software suite for public agencies managing permitting and licensing processes.

Additionally, Clariti intends to utilize the funding to develop new and innovative tools for its clientele. The company aims to further enhance the user experience for public agencies by providing them with advanced functionalities to streamline permit applications and improve overall operational efficiency.

Furthermore, a portion of the funds will be directed toward bolstering Clariti’s customer service capabilities. This includes expanding its support team and developing additional resources to better serve the needs of its growing client base.

In a statement released by Clariti, co-CEO Cyrus Symoom emphasized the significance of this funding for the company’s future endeavors. He highlighted the company’s commitment to continuously improving the customer experience for government agencies and ultimately aiming to streamline permitting processes for citizens as well.

Symoom also acknowledged the potential for further acquisitions that align with Clariti’s strategic objectives and enhance its ability to serve its customers effectively. This suggests that Clariti may be exploring additional strategic partnerships or acquisitions within the GovTech sector in the near future.

Clariti’s successful fundraising round underscores the growing investor confidence in the GovTech industry. As public agencies increasingly seek to modernize their operations and leverage technology for improved efficiency, companies like Clariti are well-positioned to capitalize on this expanding market.