Black Ore, an Austin, TX-based startup developing AI tools for financial services firms, raised $60 million in funding.
SaaS Investors
The round was led by a16z and Oak HC/FT, with participation from General Catalyst, Founders Fund, Khosla Ventures, Trust Ventures, LionBird, SciFiVC, and SV Angel.
Tech executives and angels also contributed, including Vikram Pandit (Former CEO of Citigroup), Tom Glocer (Former CEO of Thomson Reuters), Max Levchin (Founder of Paypal and Affirm), Jason Gardner (Founder and CEO of Marqeta), Mark Britto (EVP, CPO, PayPal), and Gokul Rajaram (Board Member and Executive from Doordash, Square Coinbase and Pinterest).
a16z is a venture capital firm that backs bold entrepreneurs building the future through technology. The firm invests in seed- to venture-stage growth-stage technology companies, across AI, bio + healthcare, consumer, crypto, enterprise, fintech, games, and companies building toward American dynamism.
Oak HC/FT is a venture and growth equity investment firm that focuses on healthcare information services and financial service technology. Founded in 2014 and is based in Stamford, Connecticut.
Black Ore Use of Funds
The company plans to use the funds to onboard new customers, grow its team, and accelerate the development of additional AI products across financial services.
About Black Ore
Founded by Eyal Shinar and Pavel Kapovski, Black Ore offers an AI and automation platform that accelerates core workflows for financial services businesses and simplifies the experience for their clients. Black Ore's flagship product, known as "Tax Autopilot," leverages proprietary AI technology to simplify tax preparation and review processes for Certified Public Accountants (CPAs) and accounting firms. This product combines AI with federal and state tax codes and regulations, making tax-related work more efficient for professionals in the field. The platform is SOC-2 compliant and allows accounting firms to upload tax documents and data into a secure, encrypted portal.
Funding Details
Company: Black Ore Technologies, Inc.
Raised: $60.0M
Round: Unknown
Funding Month: November 2023
Lead Investors: a16z and Oak HC/FT
Additional Investors: General Catalyst, Founders Fund, Khosla Ventures, Trust Ventures, LionBird, SciFiVC, SV Angel, Vikram Pandit, Tom Glocer, Max Levchin, Jason Gardner, Mark Britto, and Gokul Rajaram
Company Website: https://www.blackore.ai/
Software Category: AI Platform for Financial Services
Source: https://www.blackore.ai/articles/black-ore-emerges-from-stealth-with-60-million-funding