Kore.ai, an enterprise conversational and generative AI platform technology start-up, has raised $150 million in funding led by FTV Capital. NVIDIA and existing investors such as Vistara Growth, Sweetwater PE, NextEquity, Nicola and Beedie also participated in this funding round.
“The new funding will accelerate Kore.ai’s market expansion and continuous innovation in AI to deliver tangible business and human value at scale,” Raj Koneru, Founder and CEO of Kore.ai said while announcing the funding details on Tuesday.
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 recognised as the leading approach by customers and analysts,” he said.
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,” he 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,” Raj Koneru said.
The company said it automates 450 million interactions a day for about 200 million consumers and two million enterprise users worldwide.