Mumbai: Kore.ai, one of the leaders of enterprise conversational and generative AI platform technology announced $ 150 million in funding. The strategic growth investment was led by FTV Capital, a sector-focused growth equity investor with a successful more than 25 year track record investing across enterprise technology, along with participation from NVIDIA and existing investors such as Vistara Growth, Sweetwater PE, NextEquity, Nicola and Beedie. The new funding will accelerate Kore.ai’s market expansion and continuous innovation in AI to deliver tangible business and human value at scale.
Poised to seize market momentum around putting AI to work
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. This reflects an exponential demand for enhanced customer experiences, streamlined business operations and innovative GenAI applications addressing specific business tasks.
Kore.ai provides an enterprise grade no-code platform to help companies of all sizes power business interactions with AI safely and responsibly while driving significant revenue and cost savings. From conversational virtual assistants to generative AI (Gen AI) applications, Kore.ai’s differentiated platform offers purpose-built workflows, highly configurable tools and a flexible, open architecture that are recognized as the leading approach by customers and analysts. This gives 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.
Kore.ai founder and CEO Raj Koneru said, “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.”
FTV Capital partner Kapil Venkatachalam said, “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 clear path to profitability. We’re excited to partner with such an experienced and high-calibre team that consistently delivers world-class innovations, and we look forward to leveraging our deep knowledge and network to catalyse Kore.ai’s success.”
Market understanding and expertise across diverse use cases
Today, 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. Customers include leading financial institutions, such as PNC Bank and large global banks, as well as major brands such as AT&T, Cigna, Coca-Cola, Airbus and Roche.
Over the past several years Kore.ai has consistently demonstrated triple-digit year-over-year growth in revenues. The company automates 450 million interactions a day for about 200 million consumers and two million enterprise users worldwide. In addition to domestic growth, Kore.ai’s growth has been fuelled by rising demand from emerging markets in Asia Pacific, Europe, LatAm and the Middle East. As a result, Kore.ai has added new global 2000 enterprise customers across major verticals.
