“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.” – Eyal Shinar, Co-Founder and CEO of Black Ore.

Black Ore Technologies Inc., a financial technology startup specializing in artificial intelligence tools for the financial services sector, has emerged from stealth mode with a substantial $60 million in funding. This investment places the company among the growing ranks of AI startups that secure significant funding even in their early stages. Notable examples include Stability AI, which raised $101 million, and Mistral AI, which secured $113 million in their initial funding round.

The funding round for Black Ore was led by Andreessen Horowitz and Oak HC/FT and combines elements of both seed and Series A funding. Additional investors include General Catalyst, Founders Fund (backed by Peter Thiel), Khosla Ventures, SV Angel, and fintech executive Max Levchin, co-founder of PayPal Holdings Inc. However, the exact valuation of the company remains undisclosed. (Bloomberg)

Black Ore, founded by fintech entrepreneurs Eyal Shinar and Pavel Kapovski, offers a platform designed to streamline tasks for accountants and financial services professionals. Their newly revealed product, Tax Autopilot, employs AI to analyze federal and state tax codes and regulations, simplifying the tax preparation and review processes for accountants.

Black Ore has spent two years developing its architecture and training its AI models, resulting in this emergence from stealth mode. At present, the company employs 20 individuals, and the influx of funding will support expanding the customer base, hiring more personnel (particularly in AI and machine learning), and developing new products.

Looking ahead, Black Ore intends to expand its offerings to cover additional financial services, including wealth management and insurance. This significant funding round positions the startup for further growth and innovation in the AI-driven financial technology landscape.

Related Story: Payhawk And Lune Make It Easier For Companies To Take More Sustainable Decisions Related To Company Spending