Kasisto plans to broaden its focus to target brokerage houses and wealth management firms.

Website: kasisto.com

When was the company founded? 2013

How many full-time employees? 35

How much funding has it raised? $11.45 million

What is the business and business model? Kasisto offers a “conversational AI platform” that it licenses primarily to major banking companies. Specifically, the company’s KAI powers smart bots and virtual assistants on messaging platforms, mobile apps, websites and other platforms that banking customers can use to manage payments, conduct transactions and obtain account insights.

What is the company's differentiator? Having sprung from SRI International, where Apple’s Siri was invented, Kasisto’s team boasts of backing from global banking firms Wells Fargo and DBS. Indeed, 82% of all customer support for digibank by DBS is handled through Kasisto’s platform, cutting the banking company’s expenses by about a fifth. Kasisto attributes this to its ability to handle “humanlike conversations,” including making sense of the idiosyncratic ways people communicate. “It’s the difference between simply understanding the phrase and actually understanding the customer’s goal to do something on their behalf,” the company said.

What’s next? Kasisto said it plans to expand its platform through additional tests with banking firms around the globe. Further, “we have plans to license KAI to brokerage houses and wealth management firms. KAI is an extensible conversational AI platform that can be trained to understand industry-specific domain expertise and become well-versed in industries beyond finance,” the company said.

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