Artificial intelligence (AI)-based financial platform Personetics on Wednesday (Jan. 19) announced that it has raised $85 million in growth funding from software investment firm Thoma Bravo.
This funding bolsters the $160 million it raised in 2021 from Viola Ventures, Lightspeed Ventures, Sequoia Capital, Nyca Partners and Warburg Pincus.
Personetics’ AI-powered technology analyzes financial data in real time to better understand individuals’ financial behaviors and anticipate their needs and act on their behalf. It provides day-to-day enriched data, insights, financial advice and automated wellness programs, tailored to retail banking, small business, wealth management and cardholders.
“Data-driven personalization and customer engagement is the battleground for financial institutions all over the world,” David Sosna, CEO and co-founder of Personetics, said in the joint announcement. “Banks are increasingly moving from a passive to a proactive relationship with customers and are looking for new ways to help them improve their financial well-being.
“Together, we will deliver our vision of ‘self-driving finance’; reaching new partners and clients, while also supporting our existing customers with innovative business solutions that drive business impact.”
Among Personetics’ flagship clients are U.S. Bank, Huntington Bank, RBC, BMO, Intesa Sanpaolo, Santander, KBC, Metro Bank, UOB, Hyundai Card and MUFG.
“As the range and complexity of financial products continues to grow, Personetics simplifies and personalizes banking for consumers with its industry-leading AI technology,” Robert Sayle, a partner at Thoma Bravo, said in the announcement.
Auto insurers have also begun using AI to inspect cars and assess the damage to determine whether a car is repairable or a total loss. AI can estimate the cost of a repair by using information about the car, even with 6,000 makes and models and more than 20,000 parts on each vehicle.
“Now, using AI, you can come up with those estimates in minutes,” Shivani Govil, chief product officer at CCC Intelligent Solutions, told PYMNTS.