US-based conversational AI technology firm Kasisto has secured an additional $15.5m in Series C extension, bringing its total Series C funding to $31m.
The funding round was led in the US by Fidelity Information Services (FIS) and internationally by the Australian bank and financial services provider Westpac Banking Corporation (Westpac). The round also saw the participation of BankSouth.
Kasisto intends to utilise the additional funding in strategic go-to-market initiatives, product development, and the expansion of partnerships with leading financial services companies.
Kasisto co-founder and CEO Zor Gorelov said: “The expansion of our Series C is a resounding vote of confidence in our vision. The funding will allow us to continue to lead and innovate in the conversational AI space.
“This year, we have seen our strongest growth to date and expansion in our global and US community banking businesses. I am proud of what we have accomplished and deeply grateful to our talented team that is working tirelessly, with customers and partners, to shape the future of banking.”
FIS, a provider of financial technology solutions for merchants, banks and capital markets firms globally, is said to invest in Kasisto to further its goal of advancing the mode of paying, banking and investing.
FIS Impact Ventures SVP Stephane Wyper said: “We believe the future of banking experiences will become ever more contextual and will be powered by leading AI technologies that create more engaging interactions for every customer.
“We are excited to be investing in Kasisto and exploring opportunities to leverage their KAI technology across our digital banking capabilities to more humanize digital consumer interactions.”
In a joint effort with Kasisto, Westpac intends to implement the AI orchestration technology that directs customer requests to the smartest virtual assistant which is expected to benefit customers along with the employees.
Westpac customer services and technology executive Scott Collary said: “Kasisto’s technology has enabled us to evolve from traditional chatbots to a sophisticated, human-like conversational experience, unified for the first time under a single AI orchestration platform.
“This means customer queries will be answered more efficiently with reduced wait times and fewer hand-offs.”
