Kasisto, a New York-based conversational AI Startup, announced the raising of $15.5 million in its Series C investment round to continue revolutionizing the financial services industry with its digital experience solutions.
The funding round was led by new investors Naples Technology Ventures and NCR Corporation, with existing investors like OAK HC/FT, Ten Coves Capital, Rho Capital Partners, Propel Venture Partners, Two Sigma Ventures, Commerce Ventures, and Partnership Fund for NYC also participating. Zor Gorelov, Kasisto’s CEO & Co-Founder, referred to the round’s success by stating:
“I am extremely appreciative of the support and confidence of our investors, customers, and partners who continue to believe in Kasisto’s vision. Most importantly, I want to share my deepest gratitude to all Kasisto staff who have made our journey possible, and through their hard work, creativity, and dedication we have found our way to this important moment in our company’s history.”
Ever since being founded in 2013, the startup has raised a total of $67 million to develop AI-powered intelligent digital assistants specially tailored to the financial services industry. Their solutions are focused on replacing the legacy human-centric customer service and engagement model most financial institutions continue to use, saving costs and improving customer experience.
The last funding round took place in February of 2020, raising $7 million, with the startup delivering 85% containment rates, a 50% reduction in customer service costs, and a 400% increase in digital engagement. These metrics are the result of the increasing relevance of digital solutions for financial institutions as a result of the shifting landscape caused by the pandemic and new trends among new generations.
Kasisto’s software is currently being used by major financial institutions like J.P. Morgan, TD Bank, Emirates NBD, Standard Chartered, NCR, and many more. According to the startup, these partnerships have allowed Kasisto’s customer base to more than double over the past year.
According to Gorelov, the startup will use the new funding to scale its business by investing in product development, sales & partner enablement, marketing, and improving customer success, while also giving special attention to the startup’s strategic partnerships.
The conversational AI startup is only one of the growing number of startups disrupting different markets by using AI to improve existing models to increase performance while reducing costs in a way that allows businesses to escalate.