DBS Bank Limited’s acquisition of a minority stake in Kasisto, a conversational artificial intelligence platform provider

Kasisto, the company that makes conversational AI to enable human-like interactions with smart bots and virtual assistants, has announced a $9.2 million Series A funding round led by Propel Venture Partners with participation from Mastercard and Commerce Ventures.

Seed investors Two Sigma Ventures, DBS Bank, Partnership Fund for New York City, New York Angels and Harvard Business School Alumni Angels of New York also participated in the round. Propel partner Thomas Whiteaker joins the Kasisto board of directors.

Kasisto has established itself as an early leader in conversational AI, and the new capital will be used to scale its business to new markets, grow the engineering and sales teams, and develop partnerships with leading systems integrators to meet the increasing demand for its products. In addition, the investment will be used to enhance and extend KAI, the company’s platform that lets companies engage and transact with their customers via natural, intelligent conversations.

KAI powers customizable smart bots and virtual assistants and is built on decades of leading AI research from SRI International. Currently, KAI is fluent in finance and licensed to retail banks, credit card companies and wealth management firms. In the future, KAI will be trained to enable conversational experiences in industry verticals beyond finance.

Jones Day has advised DBS Bank Limited in its acquisition of a minority stake in Kasisto with a team led by partner Dennis Barsky.

Involved fees earner: Dennis Barsky – Jones Day;

Law Firms: Jones Day;

Clients: DBS Bank;

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Author: Michael Patrini