Conversational AI Startup Kore.ai Raises $150M
Kore.ai, a conversational AI and enterprise AI platform startup, has raised $150 million in funding led by FTV Capital and Nvidia. The funding values the company at over $1 billion.
Summary
- Kore.ai offers a no-code platform to build conversational AI and GenAI solutions for enterprises.
- The platform provides capabilities like virtual agents, contact center AI, agent AI and search & answer.
- It also has industry-specific solutions for banking, healthcare, retail etc.
- The funding round had participation from investors like FTV Capital, Nvidia, Vistara Growth and others.
- It takes the total funding raised by Kore.ai to $223 million.
- The company will use the new funding for product development and expanding its workforce.
- Kore.ai's customer base has grown to over 400 brands including PNC, Coca-Cola, Airbus etc.
- Its annual recurring revenue is now over $100 million.
- The company argues its fine-tuned models are more efficient, accurate and cost-effective compared to large pre-trained models.
- It offers flexibility in deployment models - cloud, on-premises, virtual machines.
- Demand and funding for GenAI startups continues to see strong growth.