European AI startup Druid has just secured $30 million in a Series B funding round, with a strong focus on bolstering its U.S. presence, which now accounts for the majority of its revenue. Founded in Romania back in 2018, Druid specializes in “conversational business applications” that harness both conventional conversational AI models and emerging generative AI, powered by ChatGPT.
For instance, companies seeking to automate 24/7 customer support or bridge staffing gaps can leverage Druid’s platform to train a conversational assistant tailored to their specific needs.
It’s worth noting that there are several similar companies in the market, including Germany’s Cognigy, Florida’s Kore.ai, and New York’s Amelia, which recently secured $175 million in funding. Additionally, prominent Big Tech players like Amazon with its Lex platform offer conversational AI tools.
However, Druid aims to stand out by integrating ChatGPT, a move that followed a collaboration with Microsoft. This integration not only provides customers with access to a broader knowledge base to handle general customer queries but also enhances the platform’s ability to understand customer intent expressed in their language.
By incorporating generative AI, Druid taps into a vast reservoir of knowledge, enabling businesses to offer support without extensive manual bot training, as explained by Dragan, a representative of the company.
It’s important to note that ChatGPT and similar models are not a universal solution for all enterprise challenges; they complement existing tools and may not suit every industry scenario due to their general-purpose nature.
Druid can be deployed either on-premises or in the cloud, a flexibility valued by companies seeking full data control. Through APIs, Druid seamlessly connects to existing systems such as customer relationship management (CRM) and human resources information systems (HRIS), essentially acting as a universal translator.
With this latest funding round, Druid is set to expand its global reach, with a particular emphasis on the U.S., which now contributes approximately 60% of its revenue. The company currently boasts around 150 employees worldwide, with the majority based in Bucharest, and plans to relocate its headquarters to Austin, Texas, reflecting its growing U.S. presence.
TQ Ventures, a New York-based investment firm, led Druid’s Series B funding round, with participation from various European investors, including Smedvig Capital, GapMinder, Hoxton Ventures, and Karma Ventures.
