Conversational AI platform Kore.ai secures $150M in funding

According to a Gartner report, the conversational AI market is projected to surge to $377 billion in revenue by 2032, an increase from $66 billion in 2023.

Conversational AI platform Kore.ai secures $150M in funding

Tuesday January 30, 2024,

2 min Read

Conversational and Gen AI platform Kore.ai has secured $150 million in funding. The investment was spearheaded by FTV Capital, along with NVIDIA and existing investors such as Vistara Growth, Sweetwater PE, NextEquity, Nicola, and Beedie. 

Kore.ai will use the capital to expand its market presence and further develop its AI technology. 

“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,” said Raj Koneru, Founder and CEO of Kore.ai. 

The startup's no-code platform facilitates end-to-end customer and employee experiences, covering automated, human-assisted interactions, and generative AI applications

“Sitting above the infrastructure layer and LLM chaos, our 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,” added Koneru. 

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According to a Gartner report, the conversational AI market is projected to surge to $377 billion in revenue by 2032, an increase from $66 billion in 2023. The platform’s conversational virtual assistants and purpose-built workflows cater to sectors such as healthcare, banking, retail, IT, and HR, among others. 

 

“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 a clear path to profitability,” said Kapil Venkatachalam, Partner at FTV Capital. 

Orlando-based Kore.ai operates on a network of offices located in India, the UK, the Middle East, Japan, South Korea, and Europe. It serves over 400 Fortune 2000 companies across industries, with customers like PNC Bank, AT&T, Cigna, Coca-Cola, Airbus, and Roche.


The company said it currently automates 450 million interactions daily, serving around 200 million consumers and two million enterprise users globally. It is also actively expanding in emerging markets such as Asia Pacific, Europe, LatAm, and the Middle East.


Edited by Kanishk Singh