Kasisto, the creator of KAI, the conversational artificial intelligence (AI) platform for finance, announced news on Wednesday (Dec. 13) that it raised $17 million in a Series B round of fundraising.
In a press release, Kasisto said Oak HC/FT led the fundraising round, with participation from existing investors Propel Venture Partners, Two Sigma Ventures, Commerce Ventures, Mastercard and Partnership Fund for New York City. The new capital will be used to scale Kasisto’s business to meet demand for its products, which has been increasing in new and existing markets. The company will also use the capital to deepen partnerships with its existing customers and to expand the KAI platform to include new AI-powered features.
“This past year has been one of explosive growth across the board — the number of signed deals and deployed customers, our team’s strength and size and KAI’s feature robustness and readiness for large-scale enterprise deployments,” said Zor Gorelov, CEO and co-founder of Kasisto, in the press release. “There is great momentum going into this investment, especially following the recent signing of major customers, including TD Bank and Standard Chartered Bank. We are very excited to partner with Oak HC/FT on this next phase and consider their track record and expertise in the finance sector a significant asset.”
KAI offers companies a platform that powers chatbots and virtual assistants with financial expertise so that financial companies can offer new experiences to their consumers, decrease customer care costs, engage customers and promote brand loyalty.
“AI’s adoption in financial services has continued at a rapid pace. This technology serves as a catalyst of change to enhance the sector’s technology and operations entirely,” added Patricia Kemp, co-founder and general partner at Oak HC/FT, in the same press release. “Kasisto has an amazing track record of not only having one of the most proven and comprehensive AI platforms in the industry, but also with their customers — some of the world’s most innovative financial institutions — that sets them apart. We are excited to partner with Kasisto to continue to drive scale and growth.”