Startup Black Ore, which operates in the sphere of artificial intelligence, emerged from stealth after it managed to raise investment funds for $60 million.
This company was founded by fintech entrepreneurs Eyal Shinar and Pavel Kapovski. The startup presented its first product called Tax Autopilot. In this case, machine intelligence is used to study the norms of tax legislation. Also, digital intelligence within the framework of the product presented by the startup helps to prepare tax reports. This solution based on advanced technology will facilitate the solution of the tasks faced by the accountants. The relevant information is contained in the startup’s press release, which was published last Tuesday, November 7.
Eyal Shinar says that the mentioned innovations are now extremely necessary. In his opinion, advanced products make it possible to correct the situation in which specialists in the sphere of financial services spend a lot of time and resources on entering a large amount of data and administrative work, which is why they have a limited opportunity to carry out intellectual activities related to solving tasks of a strategic scale.
Eyal Shinar says that over the past two years, the startup has collaborated with tax and accounting firms of all sizes to create a solution to provide accountants with access to technologies that will help eliminate the problem of lack of resources, scale services and create greater value for customers. Cloud computing has changed the way CPAs are delivered.
According to Eyal Shinar, the impact of artificial intelligence on the financial services industry will increase. Also in this context, he noted the potential of advanced technology to influence the whole world in a global sense.
Eyal Shinar noted that sales managers are well aware that machine intelligence can significantly increase the level of efficiency and provide an opportunity to provide more strategically oriented work that demonstrates a positive financial result. At the same time, he noted that for many years technology suppliers have not fulfilled their promises regarding innovative products.
During a conversation with media representatives, Eyal Shinar said that the new investment funds that the startup received as a result of the financing round led by Andreessen Horowitz and Oak HC/FT will be used to implement measures to expand the customer base. The company also plans to spend part of the money on hiring employees who have experience in the sphere of artificial intelligence and machine learning. Another item of expenditure within the framework of the use of the funds raised by the startup will be the development of new products.
Eyal Shinar noted that the work of engineers is associated with significant financial costs. According to him, creating the right team of specialists allows you to avoid significant cash injections to solve various problems in the future. Currently, the number of employees of the company is 20 people.
Jim Bourke, managing director of advisory services at Withum, says that the startup has the potential to change the rules of the game for firms with the help of artificial intelligence, offering innovative solutions that accelerate scaling, increase efficiency, and improve the customer experience.
Black Ore released its first product at a time when the process of developing generative artificial intelligence has already provided the financial industry with tools for more efficient operation and automation of routine processes that distract specialists from solving more important and global tasks in a strategic context.
Veena Gundavelli, founder and CEO of Emagia, said during a conversation with media representatives that generative machine intelligence currently offers very creative ways of working. She also noted that artificial intelligence transforms the methodology of activity while increasing the level of efficiency. Separately, Veena Gundavelli stated that AI is currently developing in a variety of forms. She stressed that some of the most promising artificial intelligence apps can be found within accounting processes and financial operations.
As we have reported earlier, Stampli Raises $61 Million to Expand Its AI-Powered Accounts Payable Offering.