Generative AI firm Kore.ai said that it has secured $150 million in a recent funding round. This strategic investment, led by FTV Capital, a growth equity investor in the enterprise technology sector, is supported by contributions from NVIDIA and existing investors including Vistara Growth, Sweetwater PE, NextEquity, Nicola, and Beedie.
The company said that the aim of this funding is to accelerate expansion in the market and to continue innovating in the field of AI, providing business and human-centric solutions on a larger scale.
The customer experience focused startup offers a no-code platform for enterprises, designed to enable businesses of various sizes to integrate AI into their operations effectively and responsibly. This platform is recognised for its ability to create conversational virtual assistants and Gen AI applications.
It features purpose-built workflows, configurable tools, and a flexible architecture. The platform is designed to facilitate the development of custom solutions or the deployment of pre-built, domain-trained virtual assistants across multiple industries such as banking, healthcare, retail, and various functional roles like IT and HR.
Raj Koneru, founder and CEO of Kore.ai, said, “We have been working with advanced AI for a decade now – our deep technology expertise and market understanding put us in a prime position to take advantage of the momentum and to do AI right in order to meet growing customer needs.” He emphasised Kore.ai's approach, which is positioned above the infrastructure layer, offering businesses a choice in AI implementation with necessary guardrails for effectiveness.
Kore.ai's said its platform is utilised by several Fortune 2000 companies across different industries. Its clientele includes major institutions and brands such as PNC Bank, AT&T, Cigna, Coca-Cola, Airbus, and Roche, among others.
The company claimed that its manages 450 million interactions daily for about 200 million consumers and two million enterprise users worldwide. The company's growth is attributed not only to its domestic market but also to increasing demand from emerging markets in regions like Asia Pacific, Europe, LatAm, and the Middle East, leading to an expansion of its Global 2000 enterprise customer base.
Kapil Venkatachalam, partner at FTV Capital, said, “We've spent significant time examining the landscape and evaluating advanced-AI platforms, and Kore.ai clearly stood out with its proven enterprise-grade platform capabilities, visionary leadership, strong R&D focus, established global customer base and clear path to profitability.”
The AI market is currently experiencing rapid growth and transformation, largely due to technological advancements and evolving user expectations. According to Gartner, the conversational AI market is projected to grow from $66 billion in 2023 to an estimated $377 billion by 2032. This surge reflects a growing demand for improved customer experiences, more efficient business operations, and innovative GenAI applications tailored to specific business needs.
