Conversational AI platform Kore.ai raises $150m funding to fuel growth
Kore.ai, a US-based conversational and generative AI platform, has secured a $150 million investment to fuel its growth.
Kore.ai secures $150m investment
The funding round was led by FTV Capital with additional participation from Nvidia, Vistara Growth, Sweetwater PE, NextEquity, Nicola and Beedie. This latest investment brings the company’s total capital raised to date to $223 million.
Founded in 2013 and headquartered in Orlando, Florida, Kore.ai is a developing enterprise-focused fintech that provides its clients with an AI-powered no-code platform for designing virtual voice agents and chatbots.
The company claims to automate 450 million interactions for approximately 200 million end users worldwide and currently has a customer base that includes major brands such as AT&T, Coca-Cola, and Airbus. US-based PNC Bank is also among its clients.
Technological research and consulting firm Gartner estimates the conversational AI market to reach $377 billion in revenue by 2032, up from $66 billion in 2023. Last October, it found that 55% of organisations already utilise GenAI tech, or are plotting to do so, for customer service, marketing, and sales functions.
Raj Koneru, founder and CEO of Kore.ai, states that the company is in a “prime position” to take advantage of the exponential demand for AI-enhanced customer experiences.
The firm plans to use the new injection of funding to boost its product development and expand its workforce.
I’m so excited to see where Kore AI goes. There’s so much scope for AI in retail and banking in particular.