New York-headquartered Kasisto, creator of KAI, the digital experience platform for the financial services industry, announced that it had raised $7 million in its extended Series B funding, bringing the round’s total to $22 million.
Napier Park Financial Partners backed the funding round in Kasisto, which was founded in 2013 to give financial institutions the power to humanize digital experiences that build valuable relationships.
The KAI platform enables financial institutions to service, engage, and acquire customers via human-like, intelligent conversations. Financial firms that use the platform include JP Morgan, Mastercard, TD Bank, Standard Chartered, DBS Bank, and Manulife, among others.
With the fresh funding, the startup said it would invest heavily in its global field organization to accelerate its go-to-market strategy. The firm also said it would increase the pace of its technology innovation while leveraging the unique and unbiased conversational data that powers AI.
“Our digital experience platform, KAI, has been successfully deployed in production by leading financial institutions around the globe, and helps these organizations deliver truly humanizing digital experiences to their customers,” said Zor Gorelov, CEO of Kasisto.
The firm, headquartered in New York City, has offices in Silicon Valley and Singapore.
The funding comes as the conversational AI market is expected to grow from $4.2 billion in 2019 to $15.7 billion in 2024. Major financial services firms are also rapidly investing in enhancing their digital experience,
“We continue to see rapid growth within the conversational AI market largely because technology within this space is continuing to mature, and organizations of all sizes are beginning to realize the value of using well trained virtual assistants and chatbots to help service their customers and grow their businesses,” said David Schubmehl, Research Director, AI Software Platforms at IDC.
The lead investor in the funding round, Napier Park Financial Partners, is the private equity group of Napier Park Global Capital, an alternative asset management platform with approximately $14 billion in assets under management.
Its current and recent portfolio companies include 7shifts, Bill.com, Bluefin Payments, DadeSystems, HealthEquity, Jefferson National, Lendio, Nvoicepay, Q4 Inc., Quovo, Reval, TouchBistro, and TrueMotion.