Kore.ai has raised $150 million in a strategic growth investment round. Led by FTV Capital, a growth equity investor, the funding also includes participation from NVIDIA and existing investors like Vistara Growth, Sweetwater PE, NextEquity, Nicola, and Beedie. This infusion of capital is poised to propel Kore.ai's market expansion and further fuel innovations in AI to deliver substantial business and human value at scale.
"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. 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," said Raj Koneru, founder and CEO of Kore.ai.
Against the backdrop of rapid growth and disruption in the AI market, Kore.ai strategically leverages the surge in demand for advanced customer experiences, streamlined business operations, and innovative GenAI applications addressing specific business tasks. Gartner's forecast predicts the conversational AI market will surge to $377 billion in revenue by 2032, a significant leap from $66 billion in 2023.
Kore.ai provides an enterprise-grade no-code platform designed to enable companies of all sizes to harness the power of AI responsibly. This platform streamlines enhanced business interactions while ensuring safety and responsibility in AI deployment. From conversational virtual assistants to generative AI applications, Kore.ai's differentiated platform offers purpose-built workflows, highly configurable tools, and a flexible, open architecture. This approach allows teams to create custom solutions or deploy pre-built, domain-trained virtual assistants across diverse industries, including banking, healthcare, and retail, as well as various functional roles like IT and HR, expediting time-to-value.
Diverse market presence and expertise
Kore.ai boasts a significant presence with Fortune 2000 companies across various industry verticals, enhancing customer, employee, and contact center agent experiences to drive measurable ROI. Noteworthy clientele includes prominent financial institutions such as PNC Bank, major global banks, and renowned brands like AT&T, Cigna, Coca-Cola, Airbus, and Roche.
Beyond domestic success, the company's expansion has been fueled by rising demand in emerging markets across Asia Pacific, Europe, LatAm, and the Middle East.
In other news, Kore.ai has revealed a survey highlighting the positive impact of automation on workforce efficiency.
