Kore.ai Raises $150M to Scale Enterprise Generative AI Platform
Conversational generative AI startup Kore.ai has raised $150 million in a Series D funding round led by FTV Capital and with participation from NVIDIA and others. Kore provides a platform for building customer service and other enterprise virtual assistants powered by large language models (LLMs).
Kore Generative Enterprise
Kore provides its clients with a no-code service for designing virtual voice agents and chatbots, leveraging LLMs from OpenAI and Anthropic to aid businesses of all sizes in providing interactive conversational AI. The Kore platform is built to support creating custom solutions or deploying pre-built, domain-trained virtual assistants across various industries and functional roles. The startup already supports automated interactions for approximately 200 million end users worldwide and millions of daily interactions. Its customer base includes major brands such as AT&T, PNC Bank, Coca-Cola, and Airbus, providing agents for tasks like customer service, human resources, and IT support.
“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 CEO Raj Koneru said in a statement. “Sitting above the infrastructure layer and LLM chaos, our open approach grants businesses freedom of choice with built-in guardrails for effective AI implementation.”
The startup pointed to a Gartner study estimating the conversational AI market will reach $377 billion by 2032, a dramatic rise from $66 billion in 2023. Generative AI will be a key element in that growth, and Kore was among the early enterprise adopters of the technology, integrating OpenAI’s GPT-3 and other LLMs nearly a year ago into its Experience Optimization (XO) Platform. Kore has been quick to other trends in the space, rolling out a healthcare-focused service called HealthAssist with HIPAA-compliant interactions for healthcare providers and insurance groups and scoring a $3.5 million investment from Nvidia as part of a deal to add Nvidia’s Riva synthetic voice generator to its platform.
Kore is one of the now mushrooming number of enterprise AI services incorporating LLMs. For instance, Voiceflow’s generative AI-powered support agent, Tico, has outperformed all expected metrics. Meanwhile, Cohere has a generative AI chatbot API available, and Druid raised $30 million in September for generative AI customer service agents tailored to its clients.
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