Conversational AI platform Kore.ai gets a $150m boost

Conversational AI platform Kore.ai gets a $150m boost daitchison@techmarketview.com (Duncan Aitchison)

Florida-HQ’d enterprise conversational and generative AI platform technology start-up, Kore.ai has secured an additional $150m investment. The funding round investment was led by FTV Capital with participation from NVIDIA and existing investors such as Vistara Growth, Sweetwater PE, NextEquity, Nicola and Beedie. The new cash, which brings the total raised to date by the company to $223m, will be used to both accelerate product development and increase Kore.ai’s workforce.

Founded in 2014, the company provides an enterprise-grade no-code platform targeted on the employee and customer experience arenas. This currently automates 450 million interactions a day for about 200 million consumers and two million enterprise users worldwide. Kore.ai’s clients include Airbus, AT&T, Blue Cross/Blue Shield, Cigna, Coca-Cola, LG, PNC Bank, and Roche.

Focused on delivering measurable ROI, the company has been growing rapidly in recent times and has achieved 100% yoy growth for the past 4 years to lift annual recurring revenue to over $100m. The business has also been expanding globally and has established operations in the UK, Germany, Japan, South Korea and India.

Generative AI has the potential to greatly increase the quality and efficiency of experience delivery. The technology can help enhance conversational tools, and improve knowledge search and access to information, such as through language translation or adapting for different audiences and age groups (see our recent Artificial Intelligence: Market Trends, Use Cases and Suppliers report for more details). Kore.ai appears both well position and now better funded to capitalise upon this burgeoning market opportunity.