Kasisto, the developer of a conversational AI chatbot, has finalized a $15.5 million Series C round that has been co-led by new investors Naples Technology Vendors and NCR Corporation.
Kasisto’s KAI digital experience platform is currently being used by major financial institutions such as JPMorgan, Westpac, Standard Chartered, TD and many others in order to effectively communicate with millions of clients across the globe via several different channels with support offered in multiple languages.
Kasisto’s management noted that their technology is able to provide 85% containment rates, 50% reductions in overall customer service costs as well as a 400% increase in digital or online engagement.
The proceeds from the firm’s investment round will be channeled towards enhancing company sales operations, promoting business development, marketing, strategy, and supporting customer success.
Michael Hayford, CEO at NCR, stated:
“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.”
As mentioned in a release, the global conversational AI market is on track to expand from $4.2 billion to $15.7 billion by 2024 with a CAGR of 30.2%. The financial services sector is one of the leading ecosystems “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 announcement noted
Kasisto, creators of KAI, confirmed that their round saw continued participation from their existing investors, bringing the firm’s total funding to date to $67 million.
Zor Gorelov, CEO, Kasisto, remarked:
“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.”