The round also saw participation from NVIDIA and existing investors such as Vistara Growth, Sweetwater PE, NextEquity, Nicola and Beedie.
Focused on market expansion
The new funding will accelerate Kore.ai’s market expansion and continuous innovation in AI to deliver tangible business and human value at scale, as per the company's statement.
The AI market has seen rapid growth and disruption driven by advancements in technology and shifting user expectations. Gartner estimates the conversational AI market to reach $377 billion in revenue by 2032, up from $66 billion in 2023.
What does Kore.ai do?
Kore.ai provides an enterprise-grade no-code platform to help companies power business interactions with AI safely and responsibly while driving significant revenue and cost savings.
The platform offers purpose-built workflows, highly configurable tools and a flexible, open architecture to give teams the ability to craft custom solutions or deploy pre-built, domain-trained virtual assistants across multiple industries, such as banking, healthcare and retail and across a variety of functional roles, such as IT, HR and others, to accelerate time-to-value.
“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,” said Raj Koneru, founder and CEO of Kore.ai.
“Sitting above the infrastructure layer and LLM chaos, our open approach grants businesses freedom of choice with built-in guardrails for effective AI implementation. As we look to enhance our Gen AI-powered innovations and drive wider adoption across a variety of market segments, we are pleased to have the backing of FTV Capital, a firm that has significant experience in our space and invaluable connections across the enterprise to augment our exciting growth trajectory," Koneru added.
Serving notable clients
The startup claims that several Fortune 2000 companies across a variety of industry verticals leverage Kore.ai to enhance their customer, employee and contact centre agent experiences and drive measurable ROI.
It also claims to automate 450 million interactions a day for about 200 million consumers and two million enterprise users worldwide.
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