Black Ore Raises $60M to Transform Financial Services
Tax preparation is a headache for many, but a shortage of Certified Public Accountants (CPAs) threatens access to these professional services for Americans. In the United States, 238 million tax returns are filed annually, and many rely on professionals like CPAs to complete that paperwork. But after hundreds of thousands of accountants left their jobs in recent years, we’re left with 16% fewer than in 2018. The CPAs that remain are strapped for capacity and find themselves bogged down by back-office tasks that keep them from focusing on the high-level skills they mastered in their studies. To solve this challenge and open access to these professional services to more Americans, BlackOre is reimagining financial services.
BlackOre is building AI technology to revolutionize financial services and tackle complex problems impacting the financial livelihoods of people across the globe. They have built a platform that leverages AI to streamline operations for accountants–and eventually financial services in general. Right now, Black Ore is launching its first product, Tax Autopilot, the world’s first AI platform offering end-to-end tax prep automation for CPAs and tax professionals. Tax Autopilot uses AI to study federal and state tax codes and regulations in order to simplify the tax preparation and review processes for accountants. The end product is a fully completed tax return for the CPA to sign and deliver to the customer.
According to co-founder and CEO Eyal Shinar, “CPAs know AI can significantly increase efficiency and enable more strategic revenue-generating work. However, we know that for years firms have seen technology providers fall short of their promises of innovation and greater efficiency.”
Black Ore spent two years building the architecture and training its models, which is why it is just now emerging from stealth. This month, BlackOre announced their $60 million raise–including a slew of top investors, including Andreessen Horowitz, Oak HCFT, Founders Fund, and General Catalyst–to continue building AI technology to overhaul financial services.
What’s next for Black Ore? The company plans to grow its small but mighty team to expand its customer base and develop new products that can tackle a wide variety of financial services, including wealth management and insurance.
How you can help Black Ore: If you know a CPA or tax pro gearing up for the busy season, Black Ore would love to help!
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