Kasisto Announces $15M Round Led by Rho Capital Partners

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Sep 03, 2019, 08:00 ET

New Funding to Expand Products and Accelerate Adoption of Conversational AI in Financial Services

NEW YORK, Sept. 3, 2019 /PRNewswire/ -- Kasisto, creators of KAI, the leading digital experience platform for the financial services industry, today announced a $15 million Series B extension funding round led by new investor Rho Capital Partners with participation from current investors, Oak HC/FT, Propel Venture Partners, Two Sigma Ventures, Commerce Ventures, and the Partnership Fund for New York City. As a result of Rho Capital Partners' investment, Mr. Habib Kairouz will join Kasisto's board of directors.

Founded in 2013, Kasisto has quickly become the leading provider of Conversational AI for the financial services industry. To date, it has global production deployments of its intelligent virtual assistants in more banks than any other Conversational AI company. Customers include J.P. Morgan, Mastercard, Standard Chartered, TD, and DBS, among others. In addition to banks, Kasisto has developed the most advanced intelligent virtual assistants for fintechs and wealth management firms.

Every day, over 18 million users have access to KAI through mobile apps, websites, messaging platforms, and voice-enabled devices. As a result, banks are regularly seeing up to 90% of their customers' questions handled by KAI without human intervention, a 50% reduction in live chats, and four times more digital engagement.

"Our mission has always been to imagine, build, and market the world's most intelligent virtual assistants for the financial services industry. Where other solutions in our space deliver generic frameworks and unintelligent chatbots, we have intentionally invested tremendous energy training KAI to be financially intelligent, insightful and engaging, right out of the box. This allows financial institutions to deploy faster and deliver exciting, human-like digital experiences to their customers," said Zor Gorelov, CEO of Kasisto. "This additional investment will allow us to accelerate our mission and make KAI available to all segments of the financial services industry. We are delighted to work with Rho Capital Partners, and all of our investors."

"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."

KAI enables banks' customers to make better decisions and improve their overall financial wellness. KAI is trained in the language of banking and finance so financial institutions can engage their customers using human-like virtual assistants that help them reimagine their customers' own digital experience and overall customer journey.

KAI is an extensible, open platform that is designed to be quickly branded and integrated through well-published APIs. KAI includes all the enterprise tools needed for customers to customize, measure, train, and improve their virtual assistants and meets the needs of the most demanding financial services organizations.

Kasisto customers always experience the following benefits when using KAI:

Servicing customers in ways that improve operational efficiency

Reduce contact center costs – KAI skillfully and effectively triages frequent banking tasks and questions and knows when to hand-off a conversation to a live agent for services that need a human touch.
Empower customers to self-serve – KAI helps customers get their banking done on the channel of their choice (mobile apps, websites, messaging platforms, and voice-enabled devices).

Engaging customers in ways that boost brand loyalty

Enable lifestyle banking – KAI weaves financial decisions into everyday life and gives customers the seamless experience they expect – contextual, proactive, and personalized.
Champion financial well-being – KAI uncovers insights and makes recommendations to help customers manage their money, not just move it.

Acquiring consumers in ways that increase their lifetime value

Help consumers discover financial products – Conversations with KAI naturally lead to contextual offers for products and services. Personalized assistance makes it easier for customers to utilize relevant products and increases the lifetime value of each customer.
New channels open new relationships – Digital engagement and sales with KAI lowers the cost of acquisition and uses intelligent, proactive conversations to builder stronger customer relationships.

Want to experience how Kasisto can help your bank, fintech, or financial institution leverage KAI to deliver human-like digital conversations? Visit us at www.kasisto.com/contact/ and start delivering profound interactions.

About Kasisto

KAI is the leading digital experience platform for the financial services industry. Kasisto's customers include DBS Bank, J.P. Morgan, Mastercard, Standard Chartered, TD Bank, and Manulife Bank among others. They chose KAI for its proven track record to drive business results while improving customer experiences. The platform is engaging with millions of consumers around the world, all the time, across multiple channels, in different languages, and is optimized for performance, scalability, security, and compliance. KAI is built with the deepest Conversational AI portfolio in the industry. Kasisto is headquartered in New York City, with offices in Silicon Valley and Singapore. Kasisto Singapore Pte Ltd is a wholly-owned subsidiary of Kasisto. For more information visit kasisto.com. Follow Kasisto on Twitter, LinkedIn and Facebook.

About Rho Capital Partners

For over 30 years, Rho's multi-stage investment strategy has focused on high-growth companies in large markets. Rho's investments span new media, healthcare, IT, communications, energy technology and other disruptive technologies. For more information, visit www.rho.com.

CONTACT: [email protected]

SOURCE Kasisto