Black Ore Emerges from Stealth with $60 Million in Funding to Bring AI to Financial Services

Grand News Network | November 7, 2023

AUSTIN, Texas, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Black Ore, a leading AI platform for financial services, launched today and announced $60 million in financing led by a16z and Oak HC/FT. The company plans to use the funds to onboard new customers, grow its team, and accelerate the development of additional AI-products across financial services.

Black Ore offers an AI and automation platform that accelerates core workflows for financial services businesses and simplifies the experience for their clients. As part of today's launch, Black Ore also announced its flagship product, Tax Autopilot, which combines its proprietary AI technology with federal and state tax codes and regulations to simplify the tax preparation and review process for Certified Public Accountants (CPAs) and accounting firms. Future product offerings will target wealth management, financial advisory and planning, insurance services, and more.

Black Ore aims to revolutionize the financial services industry with a platform of AI automation solutions. As the industry's revenue-based metrics rise, labor issues have emerged in tandem. Tedious admin and legacy technology, coupled with an aging workforce and decline of young talent, have impacted business' ability to scale and service clients. Black Ore's technology makes financial services professionals more productive, freeing them up to add more strategic value to clients, accelerate their businesses' revenue growth and expand profitability.

"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," said Eyal Shinar, Co-Founder and CEO of Black Ore. "For the last two years, we've been working ...

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