$15.5 Million Round Co-Led by Naples Technology Ventures and NCR Corporation
NEW YORK, July 28, 2021 /PRNewswire/ -- Kasisto, creators of KAI, the leading digital experience platform for the financial services industry, today announced the close of its $15.5 million Series C funding round. The round was co-led by new investors Naples Technology Vendors (NTV) and NCR Corporation with continued participation from Kasisto's current investors, bringing the company's total funding to date to $67 million by its industry leading group of investors.
The global conversational AI market is expected to grow from $4.2 billion to $15.7 billion by 2024* with a compound annual growth rate (CAGR) of 30.2%. The financial services industry is one of the leading sectors driving the adoption of conversational AI, with a growing demand from banking customers for frictionless, intelligent, and hyper-personalized digital experiences. The Intelligent Digital Assistant has emerged as the cornerstone of the digital banking experience, with Kasisto and its conversational AI powered platform, KAI, delivering the cognitive banking experience to more financial institutions than any other conversation AI vendor in the sector.
"The intelligent digital assistant has quickly become the centerpiece of the digital servicing and engagement strategy across the financial services industry. With KAI consistently delivering 85% containment rates, 50% reduction in customer service costs and 400% increase in digital engagement Kasisto is leading the charge to reshape this crucially important digital banking experience," said Zor Gorelov, CEO, Kasisto. "We are 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 deep 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."
As the financial services industry is quickly making the digital experience its top priority, this funding enables Kasisto to accelerate its growth, with investments in sales, business development, marketing, strategy, and customer success functions. Naples Technology Ventures will contribute its expertise and deep knowledge of the financial services industry to help Kasisto meet the demands of its rapidly growing market. NCR Corporation, which is also a Kasisto strategic business partner, will continue to distribute KAI to its digital banking customers while helping Kasisto to develop a broader product portfolio and partner ecosystem.
"We are committed to a digital first strategy for banking that delivers innovation and amazing customer experience throughout their entire journey across all channels," said Michael D. Hayford, president and chief executive officer, NCR Corporation. "Our investment in and partnership with Kasisto provides us an opportunity to personalize experiences leveraging their AI capabilities to deliver differentiated value for our clients."
"NTV focuses on SaaS companies that are effectively leveraging advanced technologies such as AI to solve critical business problems. It was clear to the NTV team from the start that Kasisto fit this profile, but at the same we recognized how Kasisto is helping to reshape the digital experience across the financial services industry which is driving previously unimaginable outcomes across their client base. We are excited to join the Kasisto team and make this important investment." said Mike Abbaei, Co-Founder & Managing Partner, Naples Technology Ventures.
Mike Abbaei will be joining the Kasisto board and will work closely with other board members as Kasisto accelerates its rapid growth across the financial services industry.
To learn more about this important announcement and understand how Kasisto is helping to reshape the digital engagement strategy of financial institutions of all sizes, across the industry, and across the globe, read Zor's blog at: https://kasisto.com/blog/
KAI is the leading digital experience platform for the financial services industry. Kasisto's customers include J.P. Morgan, Westpac, Standard Chartered, TD, Manulife Bank, and credit unions such as Fairwinds and Excite - and many more. These financial institutions 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 Naples Technology Ventures
Naples Technology Ventures is a Venture Capital Firm that invests in early-stage technology and services companies. NTV looks for companies that show strong value-add and demonstrate being in emergent and/or expanding markets with both Software-As-A Service (SaaS) and/or a Services-based model. For additional information, visit www.naplestechnologyventures.comor email us at [email protected]
* Source: Markets and Markets