Cascading AI, a San Francisco, CA-based fintech startup specializing in AI-native software solutions for the banking industry, raised $3.9 million in pre-seed funding.
SaaS Investors
The round was led by Peterson Ventures, with participation from Y Combinator, The Sarah Smith Fund, and Clocktower Technology Ventures.
Peterson Ventures is an early-stage venture capital firm focused on SaaS, digital commerce, healthcare, and fintech companies.
Cascading AI Use of Funds
The company plans to expand its team of AI and machine learning engineers to further enhance its product offerings. The funding will accelerate the development of the Casca product, focusing on enhancing its AI capabilities and compliance features. Cascading AI aims to onboard a select group of new banks, scaling its operations and market reach.
About Cascading AI
Founded in 2023 by Lukas Haffer and Isaiah Williams, Cascading is a software company that helps banks automate manual processes in legacy systems. The company uses artificial intelligence technology and streamlines processes like document collection for loans, account setup, and compliance procedures, enabling banks, credit unions, and non-bank lenders to originate commercial loans with less manual effort. Cascading AI's flagship product, Casca, is the first AI-native Loan Origination System, designed to revolutionize the lending landscape in the banking industry.
Funding Details
Company: Core AI Technologies Inc.
Raised: $3.9M
Round: Pre-Seed Round
Funding Month: February 2024
Lead Investors: Peterson Ventures
Additional Investors: Y Combinator, The Sarah Smith Fund, and Clocktower Technology Ventures
Company Website: https://www.cascading.ai/
Software Category: Banking
Source: https://www.prnewswire.com/news-releases/cascading-ai-secures-3-9-million-in-pre-seed-funding-to-revolutionize-the-banking-industry-with-its-ai-native-loan-origination-system-302058481.html