In a strategic move towards bolstering its position in the rapidly growing conversational AI market, Kore.ai, an Orlando-based enterprise conversational and generative AI platform, has successfully raised $150 million in a recent funding round. FTV Capital spearheaded the investment, with notable participation from tech giant Nvidia, Sweetwater Private Equity, and other existing investors.
Kore.ai, led by Founder and CEO Raj Koneru, specializes in an enterprise-grade no-code platform designed for chatbots and other AI solutions. The company’s portfolio includes “AI-native” conversational solutions tailored for various sectors, such as banking, retail, healthcare, IT, and HR. Some of its esteemed clients include Coca-Cola, Airbus, and AT&T, collectively representing a user base of 2 million enterprises globally.
The funding injection, guided by FTV Capital, will play a pivotal role in Kore.ai’s expansion initiatives and further advancements in its AI technology. Raj Koneru expressed enthusiasm, stating, “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.”
Kore.ai’s no-code platform facilitates end-to-end customer and employee experiences, covering automated, human-assisted interactions, and generative AI applications. The company’s open approach aims to provide businesses with the freedom of choice, coupled with built-in guardrails for effective AI implementation.
According to a Gartner report cited by Kore.ai, the conversational AI market is poised to surge to an impressive $377 billion in revenue by 2032, up from $66 billion in 2023. The platform’s conversational virtual assistants and purpose-built workflows cater to a wide range of industries, contributing to its significant daily automation of 450 million interactions.
Kapil Venkatachalam, Partner at FTV Capital, commended Kore.ai’s enterprise-grade platform capabilities, visionary leadership, strong R&D focus, and global customer base. The company operates globally, with offices in India, the UK, the Middle East, Japan, South Korea, and Europe, serving over 400 Fortune 2000 companies.
As Kore.ai actively expands its presence in emerging markets such as Asia Pacific, Europe, Latin America, and the Middle East, it continues to innovate and drive wider adoption of its Gen AI-powered innovations. Raj Koneru expressed gratitude for the backing of FTV Capital, highlighting their significant experience and invaluable connections across the enterprise landscape to support Kore.ai’s exciting growth trajectory.