In a significant development for the artificial intelligence landscape, Kore.ai, a leader in Conversational and Gen AI, has successfully secured $150 million in funding, spearheaded by FTV Capital, NVIDIA, and participation from existing investors including Vistara Growth, Sweetwater PE, NextEquity, Nicola, and Beedie.
Raj Koneru, Founder and CEO of Kore.ai, expressed enthusiasm about the milestone, stating, “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.”
The funding infusion is earmarked for expanding Kore.ai’s market presence and further advancing its AI technology. The company’s no-code platform is designed to facilitate end-to-end customer and employee experiences, encompassing automated, human-assisted interactions, and generative AI applications.
Koneru emphasized the company’s commitment to effective AI implementation, saying, “Sitting above the infrastructure layer and LLM chaos, our approach grants businesses freedom of choice with built-in guardrails for effective AI implementation.”
As per a Gartner report, the conversational AI market is anticipated to reach $377 billion in revenue by 2032, a significant surge from $66 billion in 2023. Kore.ai’s conversational virtual assistants and purpose-built workflows cater to diverse sectors, including healthcare, banking, retail, IT, and HR.
Kapil Venkatachalam, Partner at FTV Capital, commended Kore.ai, stating, “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 a clear path to profitability.”
Operating from its base in Orlando, Kore.ai has a global presence with offices in India, the UK, the Middle East, Japan, South Korea, and Europe. The company serves over 400 Fortune 2000 companies, boasting a clientele that includes PNC Bank, AT&T, Cigna, Coca-Cola, Airbus, and Roche. Currently automating 450 million interactions daily, Kore.ai reaches around 200 million consumers and two million enterprise users globally, with active expansion in emerging markets such as Asia Pacific, Europe, LatAm, and the Middle East.
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