Led by FTV Capital, with participation from
NVIDIA and existing investors, funding will further solidify
Kore.ai's leading position in explosive advanced AI market
ORLANDO,
Fla., Jan. 30, 2024 /PRNewswire/ -- Kore.ai, a
leader in enterprise conversational and generative AI platform
technology, today announced $150
million in funding. The strategic growth investment was led
by FTV Capital, a sector-focused growth equity investor with a
successful 25+ year track record investing across enterprise
technology, along with participation from NVIDIA and existing
investors such as Vistara Growth, Sweetwater PE, NextEquity, Nicola
and Beedie. The new funding will accelerate Kore.ai's market
expansion and continuous innovation in AI to deliver tangible
business and human value at scale.
Poised to seize market momentum around putting AI to
work
The AI market has seen rapid growth and disruption driven by
advancements in technology and shifting user expectations. 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.
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 recognized as the leading approach by
customers and analysts. This gives teams the ability to craft
custom solutions or deploy pre-built, domain-trained virtual
assistants across multiple industries such as banking, healthcare
and retail and across a variety of functional roles such as IT, HR
and others, to accelerate time-to-value.
"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. "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."
"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," said Kapil Venkatachalam, partner at FTV Capital.
"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."
Market understanding and expertise across diverse use
cases
Today, several Fortune 2000 companies across a variety of
industry verticals leverage 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 such as
AT&T, Cigna, Coca-Cola, Airbus and Roche.
Over the past several years Kore.ai has consistently
demonstrated triple-digit year-over-year growth in revenues. The
company automates 450 million interactions a day 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.
Kore.ai has been recognized as a leader and an innovator by top
analysts, including being named a leader in Gartner's Magic
Quadrant for Enterprise Conversational Al Platforms twice in a
row.
About Kore.ai
Kore.ai is a leading provider of advanced AI technology with a
decade of experience in helping enterprises realize business value
through the safe and responsible use of AI. The company's
innovative platform, no-code tools and solutions are used to
deliver end-to-end customer and employee experiences from automated
to human assisted and to build generative AI enabled applications.
Kore.ai takes an open approach allowing companies to choose the
LLMs and infrastructure that best meet their business needs.
Trusted by over 200 partners and 400 Fortune 2000 companies,
Kore.ai helps them navigate their AI strategy. The company has a
strong patent portfolio in the AI space and has been recognized as
a leader and an innovator by top analysts. Headquartered in Orlando
Kore.ai has a network of offices to support customers including in
India, the UK, Middle East, Japan, South
Korea, and Europe.
Visit Kore.ai to learn more.
About FTV Capital
FTV Capital is a sector-focused growth equity investment firm
that has raised $6.2 billion to
invest in high-growth companies offering a range of innovative
solutions in three sectors: enterprise technology and services,
financial services, and payments and transaction processing. FTV's
experienced team leverages its domain expertise and proven track
record in each of these sectors to help motivated management teams
accelerate growth. FTV also provides companies with access to its
Global Partner Network®, a group of the world's leading enterprises
and executives who have helped FTV portfolio companies for two
decades. Founded in 1998, FTV Capital has invested in 140 portfolio
companies, including Agiloft, BillingPlatform, EBANX, Lean
Solutions Group, LogicSource, Neptune Flood Insurance, Patra,
PlateIQ, ReliaQuest and Vagaro, and successfully exited/partially
exited companies including Enfusion (NYSE: ENFN), Globant (NYSE:
GLOB), InvestCloud (recapitalized), RapidRatings (recapitalized),
Strata Fund Solutions (acquired by Alter
Domus), VPay (acquired by Optum) and WorldFirst (acquired by
Ant Financial). FTV has offices in San
Francisco, New York,
Connecticut and London. For more information, please visit
www.ftvcapital.com and follow the firm on
LinkedIn.
Media Contact:
Kierra Webster
kierra.webster@fusionpr.com
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