AI fintech start-up Black Ore launches from stealth with $60m funding
Black Ore, a new US-based artificial intelligence (AI) start-up for financial services, has launched from stealth with $60 million in funding led by a16z and Oak HC/FT.
Black Ore launches from stealth with $60m funding
The funding round also saw participation from General Catalyst, Founders Fund, Khosla Ventures, Trust Ventures, Lionbird, SciFiVC and SV Angel, among other institutions and angel investors.
Founded in 2022 and based in Austin, Texas, Black Ore offers an AI automation platform for financial services businesses designed to help streamline workflows to increase productivity, revenue and profitability.
The start-up has now launched its flagship product, Tax Autopilot, which utilises AI to simplify federal and state tax compliance processes for Certified Public Accountants (CPAs) and accounting firms. Initially launching to a limited number of companies, the product will be rolled out fully in early 2024.
“When highly educated financial services professionals have to spend their time and resources on high-volume data entry and admin work, with little time left for strategic human thinking, industry innovation is sorely needed,” says Eyal Shinar, co-founder and CEO of Black Ore.
“For the last two years, we’ve been working with tax and accounting firms of all sizes to build an intelligent solution to arm accountants with the technology needed to alleviate resource constraints, scale services and create more value for clients.”
With the fresh funds, the company plans to expand its team and develop new products including solutions targeting wealth management, financial advisory and planning, insurance services and more.
