Kore.ai – a leader in enterprise conversational and generative AI platform technology – announced $150 million in funding. This strategic investment was led by FTV Capital, a sector-focused growth equity investor with a successful track record of over 25 years investing across enterprise technology and with participation from NVIDIA and existing investors such as Vistara Growth, Sweetwater PE, NextEquity, Nicola, and Beedie. The new funding round will drive Kore.ai’s market expansion and continuous innovation in AI to deliver tangible business and human value at scale.
The AI market saw rapid growth and disruption driven by technology advancements and shifting user expectations. And Gartner estimates the conversational AI market to reach $377 billion in revenue by 2032 – which is 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 offers 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. And from conversational virtual assistants to generative AI (Gen AI) applications, Kore.ai’s differentiated platform provides purpose-built workflows, highly configurable tools and a flexible, open architecture that are recognized as the leading approach by customers and analysts. This provides teams the ability to craft custom solutions or deploy pre-built, domain-trained virtual assistants across multiple industries like banking, healthcare, and retail and across a variety of functional roles such as IT, HR, etc., to accelerate time-to-value.
Several Fortune 2000 companies across various industry verticals utilize Kore.ai to enhance their customer, employee, and contact center agent experiences and drive measurable ROI. Customers include leading financial institutions, such as PNC Bank and large global banks, as well as major brands like AT&T, Cigna, Coca-Cola, Airbus, and Roche.
Over the past several years, Kore.ai consistently demonstrated triple-digit year-over-year growth in revenues. And the company automates 450 million daily interactions for about 200 million consumers and two million enterprise users worldwide. In addition to domestic growth, Kore.ai’s growth has been fueled 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.
KEY QUOTES:
“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.”
– Raj Koneru, founder and CEO of Kore.ai
“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-caliber team that consistently delivers world-class innovations, and we look forward to leveraging our deep knowledge and network to catalyze Kore.ai’s success.”
– Kapil Venkatachalam, partner at FTV Capital
