Advanced AI technology company, Kore.ai, has secured $150 million in funding to help fuel its market expansion and AI innovation. The fundraising was led by FTV Capital, who pledged $100 million, with an additional $50 million provided by existing investors. Kore.ai aims to accelerate tangible value to businesses and individuals through their technology.
Kore.ai creates platforms, no-code tools and solutions that range from conversational virtual assistants to GenAI applications. The company’s success is evident with a 100% year-on-year growth in revenue over the last four years.
Within the UK alone they have tripled their workforce and doubled their income. Kore.ai automates an astounding 450 million interactions a day for around 200 million consumers and two million enterprise users across the globe, enabling over $1 billion in economic value since its inception in 2015. They are also set to surpass the $100 million mark in annual recurring revenue (ARR).
Gartner estimates suggest the AI market could generate a revenue of $377 billion by 2032, a significant jump from the $66 billion in 2023. This is a reflection of the growing demand for enhanced customer experiences and streamlined business operations. In response, Kore.ai provides an end-to-end platform to power business interactions with AI safely and reliably while driving substantial revenue and cost savings.
Raj Koneru, founder and CEO at Kore.ai, expresses the company's readiness to seize this opportunity. "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 to meet growing customer needs", said Koneru.
FTV Capital has highlighted the reasons behind their large investment in Kore.ai. "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 partner at FTV Capital, Kapil Venkatachalam.
Kore.ai's customer list presents a formidable slate of leading financial institutions, global banks, and renowned brands like AT&T, Cigna, Coca-Cola, Airbus and Roche. Notably, the company has been named leader in Gartner's Magic Quadrant for Enterprise Conversational AI Platforms twice in succession.
This success has resulted from their distinctive forms of communication, including purpose-built workflows, highly configurable tools, and flexible, open architecture, which are recognised by customers and analysts alike.
Alongside an established domestic growth, Kore.ai credits its growth to rising demand in emerging markets like Asia Pacific, Europe, Latin America, and the Middle East. This has led to an addition of new Global 2000 enterprise customers spanning major verticals. Kore.ai's presence spans multiple continents with offices in not only the UK, but also India, the Middle East, Japan, South Korea, and Europe.