AI Platform Black Ore Launches with $60 Million Investment

Published 5 months ago

Black Ore, a leading AI platform for financial services, has launched with an impressive $60 million in financing. Financial heavyweights a16z and Oak HC/FT led the funding efforts, which will be used by Black Ore to onboard new customers, expand the team, and expedite the development of additional AI-products across financial services.

Revolutionizing Financial Services With AI

Black Ore has set its sights on transforming the financial services landscape with a suite of AI automation solutions. The platform accelerates core workflows, streamlines the client experience, and combats labor issues that have emerged in the industry. In particular, Black Ore targets the difficulties posed by outdated technology, an aging workforce, and a shortage of young talent. The innovative technology seeks to enhance professionals’ productivity, allowing them to provide more strategic value to clients, accelerate revenue growth, and expand profitability.

Flagship Product: Tax Autopilot

As part of its launch, Black Ore unveiled its flagship product, Tax Autopilot. This AI-powered solution simplifies the tax preparation and review process by integrating proprietary AI technology with federal and state tax regulations. The result is a tool that assists Certified Public Accountants (CPAs) and accounting firms in providing accurate, rapid tax services. Future product offerings will cater to sectors like wealth management, financial planning, insurance services, among others.

Tax Autopilot: An In-Depth Look

Tax Autopilot is designed to expedite federal and state tax compliance, turning days-long processes into mere seconds. The platform is SOC-2 compliant and features a secure, encrypted portal for the upload of tax documents and data. Black Ore’s team of CPAs, originating from leading firms like PWC, EY, Baker Tilly, and Grant Thornton, provide a preliminary review of the tax returns before they’re returned to the accounting firm for submission. The product will be launched in limited availability initially, with general availability expected in early 2024.

Experienced Leadership

Veteran entrepreneurs Eyal Shinar and Pavel Kapovski, CEO and CTO of Black Ore respectively, lead the company. Their proven experience in building and operating global fintech brands is backed by a formidable team from leading companies such as Adobe, Baker Tilly, Cisco, EY, Google, Goldman Sachs, Grant Thornton, NASA, PWC, and Ramp.

Industry Reactions

Jim Bourke, managing director of advisory services at Withum, lauded Black Ore’s potential, stating that the platform could “deliver innovative solutions that speed scale and efficiency, and promote client satisfaction.” The launch of Tax Autopilot is a promising step towards leveraging AI automation solutions to tackle time-consuming processes, liberating firms to focus on more strategic, high-value advisory work.