Kasisto, the creator of a conversational AI platform KAI for the finance industry, has raised $15m in the Series B extension funding round.

The round was led by Rho Capital Partners. Kasisto’s existing backers including Oak HC/FT, Propel Venture Partners, Two Sigma Ventures, Commerce Ventures, and the Partnership Fund for New York City also participated in the round.

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With the new funding, the company aims to expand its product portfolio, as well as support the adoption of conversational AI in the financial services sector.

Kasisto CEO Zor Gorelov said: “Where other solutions in our space deliver generic frameworks and unintelligent chatbots, we have intentionally invested tremendous energy training KAI to be financially intelligent, insightful and engaging, right out of the box.

“This allows financial institutions to deploy faster and deliver exciting, human-like digital experiences to their customers.

“This additional investment will allow us to accelerate our mission and make KAI available to all segments of the financial services industry.”

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Founded in 2013, Kasisto has delivered its intelligent virtual assistants to several top-tier financial institutions including JP Morgan, Mastercard, Standard Chartered, TD, and DBS.

Its KAI solution is an extensible, open platform which can be integrated through well-published APIs. It is equipped with all necessary tools to customise, train and improve clients’ virtual assistants.

According to the company, more than 18 million users access KAI daily through various devices. The technology handles up to 90% of their customers’ questions without human intervention. It also facilitates digital engagement.

Earlier this year, Kasisto partnered with Moneythor to deliver an integrated intelligent banking solution to the financial institutions. The partnership aims to serve customers in North America and the Asia-Pacific region.