Black Ore, an Austin, TX-based provider of an AI platform for financial services, raised $60M in funding.
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).
The company intends to use the funds to onboard new customers, grow its team, and accelerate the development of additional AI-products across financial services.
Led by CEO Eyal Shinar and CTO 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. Its flagship product, Tax Autopilot, combines its proprietary AI technology with federal and state tax codes & regulations to automate the tax preparation and review process.
The platform is SOC-2 compliant and allows accounting firms to upload tax documents and data into a secure, encrypted portal. Tax Autopilot then transforms the data and calculates the return. The platform then generates both the tax return and supporting workpapers for a streamlined review. Black Ore offers a preliminary review of the tax returns and workpapers by its team of U.S.-based CPAs, before sending the final documents back to the accounting firm for submission.
Future product offerings will target wealth management, financial advisory and planning, insurance services, and more.
