Kore.ai Secures $150 Million For Strategic Growth Investment
The funds will be used to enhance GenAI-powered innovations and drive wider adoption across various market segments.
Kore.ai, a leading enterprise conversational and generative AI platform technology provider, has announced a $150 million strategic growth investment. The funding round was led by FTV Capital, a growth equity investor, with participation from NVIDIA and existing investors such as Vistara Growth, Sweetwater PE, NextEquity, Nicola, and Beedie. This investment aims to accelerate Kore.ai's market expansion and continuous innovation in AI to deliver tangible business and human value at scale.
Founded in 2014, Kore.ai develops conversational AI and GenAI products for enterprise applications. The company provides a no-code platform to help businesses power various interactions using AI, including customer-to-employee and employee-to-employee interactions. The platform offers workflows and tools for creating custom conversational AI applications or deploying pre-built chatbots for industries such as banking, healthcare, and retail.
The conversational AI market is experiencing significant growth, and Kore.ai aims to leverage its position in the market to meet the growing demand for enhanced customer experiences and innovative AI applications. The company's platform is recognized for its differentiated approach, offering purpose-built workflows, configurable tools, and a flexible, open architecture.
Kore.ai aims to differentiate itself by providing flexibility in deploying AI apps in the cloud, locally, or in virtual machines. The company also emphasizes fine-tuned models for specific applications, arguing that these models can be more effective and cost-efficient than larger, more powerful models. Additionally, Kore.ai addresses privacy concerns by offering smaller, offline models that minimize the risk of compromising sensitive information.
Kore.ai has consistently demonstrated triple-digit year-over-year growth in revenues, serving Fortune 2000 companies across different industry verticals. The company automates 450 million interactions a day for approximately 200 million consumers and two million enterprise users globally. The investment from FTV Capital and others reflects confidence in Kore.ai's capabilities and its potential for further growth in the rapidly evolving AI market.
