Financial Services Conversational AI Gets $15.5 Funding

Kasisto, creators of the financial services industry’s conversational AI software KAI, has closed a $15.5 million Series C funding round. The round was co-led by new investors Naples Technology Vendors (NTV) and NCR Corporation with continued participation from Kasisto’s current investors, bringing the company’s total funding to date to $67 million.

The global conversational AI market is expected to grow from $4.2 billion to $15.7 billion by 2024* with a compound annual growth rate (CAGR) of 30.2%. The financial services industry is one of the leading sectors driving the adoption of conversational AI, with growing demand from banking customers.

“The intelligent digital assistant has quickly become the centerpiece of the digital servicing and engagement strategy across the financial services industry. With KAI consistently delivering 85% containment rates, 50% reduction in customer service costs and 400% increase in digital engagement Kasisto is leading the charge to reshape this crucially important digital banking experience”, said Zor Gorelov, CEO, Kasisto.

“We are 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 deep 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”.

The Intelligent Digital Assistant has emerged as the cornerstone of the digital banking experience, with Kasisto and its conversational AI-powered platform, KAI, delivering the cognitive banking experience to more financial institutions than any other conversation AI vendor in the sector.

“We are committed to a digital first strategy for banking that delivers innovation and amazing customer experience throughout their entire journey across all channels”, said Michael D. Hayford, president and chief executive officer, NCR Corporation. “Our investment in and partnership with Kasisto provides us an opportunity to personalize experiences leveraging their AI capabilities to deliver differentiated value for our clients”.

Kasisto says the funding will enable it to accelerate its growth, with investments in sales, business development, marketing, strategy, and customer success functions. Naples Technology Ventures will contribute its expertise and knowledge of the financial services industry to help Kasisto meet the demands of its growing market whilst NCR Corporation, which is also a Kasisto strategic business partner, will continue to distribute KAI to its digital banking customers.

“NTV focuses on SaaS companies that are effectively leveraging advanced technologies such as AI to solve critical business problems. It was clear to the NTV team from the start that Kasisto fit this profile, but at the same we recognized how Kasisto is helping to reshape the digital experience across the financial services industry which is driving previously unimaginable outcomes across their client base. We are excited to join the Kasisto team and make this important investment”, said Mike Abbaei, Co-Founder & Managing Partner, Naples Technology Ventures.

You can find more information about Kasisto and its $15.5 million funding round for its conversational AI on its website.

Stay up to date with the most recent automation, machine vision, and robotics news on MVPro. Read the best stories every Friday with our newsletter.

* Source: Markets and Markets.