Leading AI technology provider Kore.ai secures a US$150m strategic growth investment to drive AI-powered customer and employee experiences for global businesses.
The strategic growth investment was led by capital market company FTV Capital, alongside NVIDIA and other existing investors such as Vistara Growth, Sweetwater PE and NextEquity. Having been at the forefront of AI for more than a decade, the goal of Kore.ai is to simplify AI adoption and facilitate faster enterprise outcomes.
Ultimately, this level of funding will help further solidify Kore.ai’s leading position in an AI market that continues to rapidly develop.
Advancing enterprise AI development
The AI market has grown exponentially in recent years as a result of advancements in technology and intensified customer demands. AI and machine learning technology is expected to become increasingly more integrated into our everyday lives, with increased automations across both personal and business tasks.
In fact, the global AI market was valued at US$136.55bn in 2022 and was projected to expand at a compound annual growth rate (CAGR) of 37.3% from 2023 to 2030. Gartner has since estimated that the conversational AI market will reach US$377bn in revenue by 2032, which would be up from US$66bn in 2023 - highlighting increased demand for enhanced customer experiences and innovative Gen AI applications addressing specific business tasks.
Kore.ai therefore aims to deliver intelligent virtual assistants via its services that help customers reach answers and resolutions faster. As a result, AI can allow for human workforces to focus on more challenging and specific tasks.
- 450 million interactions per day
- 200 million consumers
- Global 2000 customers including PNC Bank, AT&T, Coca-Cola, Airbus and Roche
The US$150m funding that has been awarded will accelerate the company’s market expansion and innovation in AI to deliver more tangible business and human value. Its platform currently offers an enterprise no-code platform to help companies of all sizes power business interactions with AI in a safe and responsible way.
Trusted by over 200 partners and 400 Fortune 2000 companies, Kore.ai aims to help them navigate their AI strategy across the UK, Europe, India, Japan and South Korea.
Integrating AI further into business workloads
According to an AWS report, AI will continue to shape the global business landscape in 2024, with 90% of workers surveyed anticipating AI integration into their daily work by 2028.
Backed by AI chip giant NVIDIA, which has been continually increasing its investments and partnerships, Kore.ai is hoping to offer greater purpose-built workflows and a flexible open architecture that enables greater expertise across diverse use cases. This includes conversational virtual assistants and generative AI (Gen AI) applications.
“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,” says Raj Koneru, Founder and CEO of Kore.ai.
“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.”
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