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Black Ore exits stealth with $60m in funding

Black Ore, an AI platform intended to simplify the tax processes using AI technology, exited stealth with $60m in funding led by a16z and Oak HC/FT.

Black Ore

Eyal Shinar, chief executive and co-founder

Black Ore, an AI platform for financial services, exited stealth Tuesday, announcing $60m in financing led by a16z and Oak HC/FT. According to the company, it plans to use the funds to grow its product and team across the financial services sector. 

“For the last two years, we’ve been working with tax and accounting firms of all sizes to build an intelligent solution to arm accountants with the technology needed to alleviate resource constraints, scale services and create more value for clients,” Eyal Shinar, co-Founder and chief executive, Black Ore, said. “Cloud computing changed the way CPAs delivered services and AI will have an even more profound impact on the entire industry and eventually the world.”

As part of the launch announcement, Black Ore unveiled its flagship product, Tax Autopilot, which uses proprietary AI technology with federal and state tax codes to assist in the tax preparation and review process, according to the company. 

General Catalyst, Founders Fund, Khosla Ventures, Trust Ventures, LionBird, SciFiVC, SV Angel, and other notable tech executives contributed to the funding round. 

“We expect #AI automation solutions to revolutionize the way financial services firms operate,” Oak HC/FT wrote on LinkedIn, welcoming the company to its portfolio. 

Founder Eyal Shinar was previously executive chairman at FundBox, a capital platform for small business which he founded in 2013. Pavel Kapovski, Black Ore co-founder, was most recently at executive director at CME Group, a derivatives marketplace. Shinar is based in Austin, Texas, where the news was released from, and Kapovski in Israel, according to their LinkedIn profiles. 

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