I’m very excited to share that we have closed a $15m funding round led by Rho Capital Partners, with participation from our current investors. This funding will help us to continue to focus on our vision of promoting smart financial decisions and strong financial wellness, that is enabled by KAI-powered intelligent virtual assistants, and delivered across all segments of the financial services industry. I am also thrilled to welcome Habib to our board of directors.
We’ve known since Kasisto was formed in 2013 that the financial services industry is complex, and the customers it serves are demanding. With complexity and demand came the opportunity to use AI to simplify and democratize access to the best personalized financial advice guidance. We believed from the start that by delivering human-like conversational experiences via virtual assistants that intelligently connected customers with their financial institutions presented an opportunity to reshape the financial services industry in a very positive way.
You see, the financial services industry is at an inflection point. With generic chatbots and untrained virtual assistants being readily available, there is a natural affinity for financial institutions to adopt these solutions as a way to build “specifically what they need”, without truly understanding the consequences of doing so. What these firms learn (and it usually takes quite a while, and at great expense) is that training an intelligent chatbot to understand the language of banking and finance, while meeting the conversational expectations of their customers, and ensure there is little to no risk in providing erroneous responses, just isn’t a simple thing to do.
Customers want insight into their financial wellness, vulnerabilities, and opportunities. We know that the financial customer demographic is changing and with it so is the financial landscape. Having a knowledgeable and unbiased virtual assistant that can help one navigate the financial world and create surprise and delight experiences is actually what the financial services industry needs and its customers demand. KAI is the industry’s most intelligent virtual assistant, and this additional funding will enable us all at Kasisto to continue to add more advanced financial knowledge to KAI as well as bring many more intelligently trained virtual assistants to the market, that will service additional segments of the financial services industry, and drive financial wellness for all we serve.
“Kasisto is unlike every other company in the Conversational AI space,” said Habib Kairouz, a managing partner of Rho Capital Partners. “We invested in Kasisto because they have a proven track record of success, have designed and built what is clearly the leading digital experience and Conversational AI platform for the financial services industry, and have an impressive team of AI experts, data scientists, as well as an experienced management group that are relentlessly focused on growing the business.”
You should expect to see many other exciting developments coming from Kasisto over the next couple months. If you’re interested in learning more, or talking with us about KAI and our intelligent virtual assistants, please click here.
You can read our full press release about this investment here.