Black Ore, a startup focused on developing AI tools for financial services firms, has emerged from stealth mode with $60 million in funding led by a16z and Oak HC/FT, alongside contributions from several prominent angel investors.
Founded by Eyal Shinar, the originator of Fundbox, and Pavel Kapovski, the former R&D lead at CME Group, Black Ore has created an AI and automation platform designed to streamline core workflows for financial services businesses while enhancing client experiences.
The company claims its technology boosts productivity for financial services professionals, allowing them to focus on providing strategic value to clients, accelerating revenue growth, and increasing profitability. “When highly educated financial services professionals have to spend their time and resources on high-volume data entry and admin work, leaving little time for strategic human thinking, industry innovation is sorely needed,” states Shinar.
As part of its introduction to the market, Black Ore has launched its flagship product, Tax Autopilot, which integrates proprietary AI technology with federal and state tax codes and regulations to simplify the tax preparation and review process for Certified Public Accountants and accounting firms. Future plans include product offerings targeting wealth management, financial advisory and planning, insurance services, and more.
The funding round also saw participation from General Catalyst, Founders Fund, Khosla Ventures, Trust Ventures, LionBird, SciFiVC, and SV Angel. Notable tech executives and angel investors included former Citi CEO Vikram Pandit, ex-Thomson Reuters CEO Tom Glocer, PayPal founder Max Levchin, and Marqeta CEO Jason Gardner.