We just raised $17 Million in Series B funding led by Oak HC/FT and with participation from our Series A investors
We are excited to announce that we closed our Series B financing. This round of funding is a validation of KAI Banking, the finance industry’s leading conversational AI platform, on a couple different metrics. First, KAI has a track record of achieving product/market fit and exceeding our customers’ expectations – creating engaging experiences with proven business results. It is now the only conversational AI platform available to millions of users across countries, languages, and channels. Second, we have a strong team, from management to product to engineering, in place to take the company to the next level. And, of course, this round is a big endorsement for the category in general – financial institutions are embracing conversational AI, and Kasisto has the production deployments as proof points.
Partnering with Oak HC/FT
We are thrilled to partner with Oak HC/FT, the premier venture fund investing in financial services technology. We consider the firm’s expertise in the financial services market significant asset, and on that note, we’re very pleased to welcome Tricia Kemp, Co-Founder & General Partner at Oak HC/FT, to our Board. Tricia has been a successful venture investor with a great track record over the past 15 years. Before that, she held senior executive positions at Hewlett Packard, Merrill Lynch, and Cendant. She will be an excellent and very valuable addition to Kasisto’s board.
Here’s a bit about what got Oak HC/FT excited in Tricia’s words: “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. 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.”
We are also grateful to our existing investors that keep believing in us and chose to participate in this round, including Propel Venture Partners, Two Sigma Ventures, Commerce Ventures, Mastercard, and Partnership Fund for New York City.
When we reflect on 2017 and look ahead into 2018 and beyond, we see growth and traction. In 2017, we experienced 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. We have great momentum going into the next year, especially following the recent signing of major customers including TD Bank and Standard Chartered Bank.
Looking ahead, our plans to scale the business with this new investment are well underway. We’re positioning ourselves to meet the increasing demand for KAI in existing and new markets while deepening partnerships with our growing roster of existing customers. We’ll also be using the funding to expand our KAI platform to include new AI-powered features and continue to incorporate innovations that deliver both business results and customer engagement and delight.
Keeping those metrics coming
As the leading conversational AI platform for finance, we’ll continue to help our customers:
- Offer entirely new and differentiated experiences to their consumers, designed with the most intuitive user interface: natural human language
- Decrease customer care costs by deflecting call center calls and triaging inquiries
- Increase lifetime value of customers with contextual and relevant offers for financial products and services
- Engage customers and promote brand loyalty with proactive financial well-being features
- Meet customers in their preferred channel – mobile, web, messaging or IoT/home devices
You can expect to see more business results and measurable KPIs from KAI – like the ones with DBS digibank we’ve shared. In that case, DBS’ KAI-powered assistant handles 82 percent of customer inquiries and hands over only 18 percent to a live agent. That kind of performance has had an impact on DBS’ bottom line. Our new round of funding will enable us to accelerate our flow of production deployments with new and existing customers. Stay tuned, as more to come…