AI fintech Black Ore has recently emerged from stealth mode, securing a hefty $60 million in financing. The funding round was led by a16z and Oak HC/FT, with notable participation from high-profile angel investors.
Black Ore, founded by Eyal Shinar, the brain behind Fundbox, and Pavel Kapovski, former R&D lead at CME Group, is focused on developing cutting-edge AI tools tailored for financial services firms. Their goal is to streamline core workflows and enhance the overall client experience in the industry.
The company’s innovative AI and automation platform empowers financial professionals, enabling them to be more efficient and strategic in their day-to-day operations. By leveraging Black Ore’s technology, these professionals can devote more time to adding value for their clients, driving revenue growth, and expanding profitability.
Shinar emphasizes the need for industry innovation, stating, “When highly educated financial services professionals are consumed by time-consuming data entry and administrative tasks, there is a pressing demand for solutions that allow strategic human thinking to thrive.”
Black Ore’s flagship product, Tax Autopilot, has been unveiled as part of the company’s emergence from stealth. This groundbreaking offering combines AI technology with federal and state tax codes and regulations, simplifying the tax preparation and review process for Certified Public Accountants and accounting firms.
Looking ahead, Black Ore plans to expand its product portfolio to encompass wealth management, financial advisory and planning, insurance services, and more. The recent funding round saw participation from renowned investors, including General Catalyst, Founders Fund, Khosla Ventures, Trust Ventures, LionBird, SciFiVC, and SV Angel. Prominent tech executives and angels, such as former Citi CEO Vikram Pandit, ex Thomson Reuters boss Tom Glocer, PayPal founder Max Levchin, and Marqeta CEO Jason Gardner, also joined the round.
Black Ore’s emergence from stealth marks a significant milestone for the AI fintech space. With their innovative solutions, the company is poised to revolutionize the financial services industry and drive greater efficiency and success for professionals and clients alike.
