Kasisto increases Series B funding round to $22m
Conversational AI fintech Kasisto raises additional $7m
New York-based fintech Kasisto has raised an additional $7 million in a Series B Extension funding round, bringing the round’s total to $22 million. The additional money was brought by Napier Park Financial Partners.
As part of the deal, Manu Rana, partner and co-head of private investments at Napier Park Financial Partners, will join Kasisto’s board.
Kasisto’s flagship offering is KAI, a digital/conversational AI experience platform. It underpins chatbots and virtual assistants of Liv (Emirates NBD’s digital banking offshoot), Digibank and POSB (both part of the DBS Bank group), Standard Chartered, JP Morgan Chase, Mastercard, TD, and Manulife Bank, among others.
Zor Gorelov, the vendor’s CEO, says KAI helps its users “deliver truly humanizing digital experiences to their customers”.
Kasisto anticipates the conversational AI market to grow from $4.2 billion in 2019 to $15.7 billion in 2024 (citing the figures from Markets & Markets Conversational AI Industry Forecast, March 2019). Thus, the company will “invest heavily in its global field organisation to accelerate its go-to-market strategy”, it says.
“Kasisto will also increase the pace of its technology innovation while leveraging the unique and unbiased conversational data that powers its artificial intelligence, as KAI leads the financial services industry into a new era of conversational AI banking,” it states.
On the investor side, Rana praises the fintech, saying that Napier Park Financial Partners has “been very impressed by the quality and ease of implementation of Kasisto’s products; by the enthusiasm of Kasisto’s customers for the tangible benefits Kasisto has brought to their customer service, acquisition, and cross-sell efforts; and by the breadth and depth of Kasisto’s data, supporting enterprises and consumers on three continents and in multiple languages”.
