Kasisto scores $17m Series B round led by Oak HC/FT

December 14, 2017

Finance AI platform Kasisto have scored a $17m Series B equity financing round led by Oak HC/FT.

Contributions to the round also came from existing investors Propel Venture Partners, Two Sigma Ventures, Commerce Ventures, Mastercard and Partnership Fund for New York City.

Kasisto KAI platform empowers financial institutions to engage, support and transact, through the implementation of smart-bots and virtual assistants. The KAI solution can be used via mobile apps, web, messaging platforms, wearables, and IoT devices.

Through the platform, clients can offer personalised customer experiences and conversations, fulfil consumer requests, predict needs and promote offers.

The company recently signed a group of new customers including TD Bank and Standard Chartered Bank.

Proceeds from this growth injection will enable the company to scale its business to meet the increasing product demand in new and existing markets. Kasisto is also hoping to deepen its partnerships with existing partners.

Kasisto also plans to use some of the capital to invest into its KAI platform, to develop new features.

Following the investment, Oak HC/FT co-founder & general partner Patricia Kemp will join the company board as an observer.

Kemp said, ?Kasisto has an amazing track record of not only having one of the most proven and comprehensive AI platforms in the industry, but also with their customers some of the world most innovative financial institutions ?? that sets them apart. We are excited to partner with Kasisto to continue to drive scale and growth.p>

Oak HC/FT invests in the healthcare IT services and FinTech spaces, with the commitment to Kasisto representing the firms 18^th investment. Earlier in the year, Oak closed its second fund on $600m, with a focus on the US and European markets. Key areas for the vehicle are modernising payment systems, insurance frameworks and reducing financial fraud, waste and abuse.

The firm participated in on-demand insurance start-up Trov $45m Series D round, earlier in the year.