Investment planned to help fuel the company's next level of strategic expansion
NEW YORK, Feb. 4, 2020 /PRNewswire/ -- Kasisto, creators of KAI, the leading digital experience platform for the financial services industry, today announced that Napier Park Financial Partners has joined a Series B Extension funding round with a $7 million investment in Kasisto, bringing the round's total to $22 million.
"Since we founded Kasisto, we've been laser focused on developing and delivering the industry's most transformative conversational AI experience. 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. "I am excited to be working with the team at Napier Park Financial Partners, who will bring industry knowledge, strategic insights and relevant access that will help our business grow. I welcome Manu Rana to our board and look forward to his contribution."
The Conversational AI market is expected to grow from $4.2 billion in 2019 to $15.7 billion in 2024*, and financial services organizations such as J.P. Morgan Chase, TD, Emirates NBD Bank, DBS Bank, and many others are rapidly investing in enhancing their digital banking experiences. In order to meet these industry demands and market dynamics, Kasisto plans to invest heavily in its global field organization to accelerate its go-to-market strategy. 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.
"We have recognized Kasisto's leadership position and felt that our investment, team, and resources will help the company expand across all segments of the financial services industry," said Manu Rana, a partner and co-head of private investments at Napier Park Financial Partners. "We've 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. We look forward to supporting the Kasisto team in extending their undisputed leadership in virtual assistants and chatbots for the global financial services industry."
"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. "IDC expects conversational AI solutions and applications like the ones Kasisto provides to its customers to become the standard method of interacting with customers and prospects providing 24x7 service at a high level of customer service satisfaction."
Kasisto was founded in 2013 to give financial institutions the power to humanize digital experiences that build valuable relationships. Kasisto is headquartered in New York City, with offices in Silicon Valley and Singapore. Kasisto's customers include DBS Bank, J.P. Morgan Chase, Mastercard, Standard Chartered, TD, and Manulife Bank among others. KAI is the leading digital experience platform for the financial services industry. Our clients choose 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 Singapore Pte Ltd is a wholly-owned subsidiary of Kasisto. For more information visit kasisto.com/kai/. Follow Kasisto on Twitter, LinkedIn and Facebook.
About Napier Park Financial Partners
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. Napier Park Financial Partners invests in innovative, high growth companies at the intersection of financial services and technology-enabled products and services, and targets investments of $5 million to $25 million. Current and recent portfolio companies include 7shifts, Bill.com, Bluefin Payments, DadeSystems, HealthEquity, Jefferson National, Lendio, Nvoicepay, Q4 Inc., Quovo, Reval, TouchBistro, and TrueMotion. For more information, visit www.napierparkglobal.com/private-equity.