It is with great pleasure that I announce the closing of our $15.5M Series C investment round, led by two new investors – Naples Technology Ventures and NCR Corporation, with participation from existing investors including OAK HC/FT, Ten Coves Capital, Rho Capital Partners, Propel Venture Partners, Two Sigma Ventures, Commerce Ventures and Partnership Fund for NYC. To date Kasisto has raised over $67M, enabling us to lead the evolution towards AI-powered intelligent digital assistants within the financial services industry. The industry continues to operate on an outdated, inefficient and costly human centric customer servicing and engagement model. Call centers alone within the financial services industry are spending upwards of $60-80B annually! McKinsey is projecting that 16% of human agents will be displaced by 2030- with the financial services industry using AI for big and bold transformations.
Thanks to the value and ROI we deliver to our customers, Kasisto’s business has experienced significant growth since our last round. As banks of all sizes are accelerating adoption of conversational AI amidst changing competitive landscape and consumer demand for seamless digital experiences, our existing customers are experiencing success with KAI consistently delivering 85% containment rates, 50% reduction in customer service costs and 400% increase in digital engagement! Kasisto’s new customer’s are deploying KAI in as little as three weeks and experiencing results almost immediately. With all this progress Kasisto is extremely well positioned to continue to lead the world in deployment of banking digital assistants and we are just getting started.
In April we launched Enlighten, an intelligent digital assistant that offers game changing conversational experiences that are intuitive, intelligent, insightful and predictive. Enlighten breaks the stereotype of today’s ‘chatbots’ by offering financial institutions the power to create the most humanizing and engaging digital customer experiences through hyper-personalization and proactive communication. As an omni-channel and multi-modal solution – text, voice or touch – Enlighten is designed to promote ongoing engagement, continually pulling your customers into a digital channel that will make them want to do more and make it THE preferred channel for engagement. Simply put, Enlighten is breaking new ground in terms of how conversational AI is delivered, experienced and valued within the banking industry, at a time when the banking experience is being reinvented at many levels. Industry expert Chris Skinner puts it: “The intelligent account, that knows my life and lifestyle, my financial needs and objectives, my view of the world and priorities, will be a massive winner.” Enlighten fulfills these wants.
With this new round of funding, we will scale our business through further investments in product development, sales & partner enablement, marketing, and customer success. A big part of our continued growth is through strategic partners. Partnering with NCR, we have doubled the Kasisto customer base in a little under a year and are bringing Kasisto to hundreds of NCR customers across all segments of the financial services industry. Other partners such as Timetrade Silvercloud who have selected KAI to power their digital assistant experience to hundreds of their customers, as we’ve integrated their exciting capabilities into KAI, namely conversational time scheduling and automated knowledge / content management. And many others who understand the need for an intelligent digital assistant banking experience in their products and channels, and trust Kasisto to deliver on the promise of conversational AI.
In closing, 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.
If you are interested in learning more, or talking with us about KAI and our intelligent digital assistants, please click here.