Black Ore secures $60m for AI-driven revolution in financial services

Black Ore

Black Ore, an innovative artificial intelligence platform, today emerged from stealth mode, brandishing a significant $60m in funding.

This noteworthy financial milestone was spearheaded by the prestigious a16z and Oak HC/FT, marking a momentous start for the company.

With a clear vision for transforming the financial services sector, Black Ore has successfully secured a substantial investment. This influx of capital is set to underpin the firm’s ambitious plans, which include expanding its customer base, growing its team, and expediting the launch of new AI products tailored for the financial industry.

At the core of Black Ore’s offering lies a state-of-the-art AI and automation platform, designed to streamline essential operations for financial enterprises while enhancing the client experience. Alongside its emergence, Black Ore unveiled Tax Autopilot, a flagship product that leverages advanced AI to demystify and manage the tax preparation process for CPAs and accounting firms. Looking ahead, the company is poised to broaden its product range, targeting vital sectors such as wealth management, financial advisory, and insurance services.

Black Ore’s technology is poised to tackle critical industry challenges head-on. As financial firms grapple with rising revenue-based metrics, labor shortages, and outdated technology, Black Ore’s AI solutions aim to inject efficiency and scalability into their operations. Their groundbreaking technology promises to augment the productivity of financial professionals, allowing them to focus on strategic initiatives that bolster business growth and enhance client value.

Eyal Shinar, the Co-Founder and CEO of Black Ore, passionately stated, “When highly educated financial services professionals have to spend their time and resources on high-volume data entry and admin work, with little time left for strategic human thinking, industry innovation is sorely needed. For the last two years, we’ve been working with tax and accounting firms of all sizes to build an intelligent solution to arm accountants with the technology needed to alleviate resource constraints, scale services, and create more value for clients. Cloud computing changed the way CPAs delivered services and AI will have an even more profound impact on the entire industry and eventually the world.”

The funding round didn’t just attract venture capital firms but also saw participation from an array of leading institutions such as General Catalyst, Founders Fund, Khosla Ventures, Trust Ventures, LionBird, SciFiVC, and SV Angel. Notably, industry stalwarts like Vikram Pandit, Tom Glocer, Max Levchin, Jason Gardner, Mark Britto, and Gokul Rajaram also backed the enterprise, bringing both capital and invaluable expertise to the table.

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