Kore.ai gets $150Mn to hasten AI development
FLORIDA, UNITED STATES — Software company Kore.ai has secured $150 million in funding, which it will funnel to accelerate its artificial intelligence (AI) initiatives and broaden its market presence.
The funding was led by capital market firm FTV Capital, with participation from software firm NVIDIA and existing investors such as Vistara Growth, Sweetwater PE, NextEquity Partners, Nicola Wealth Management, and Beedie Capital.
According to its Crunchbase profile, Kore.ai has raised $223.5 million from 2018 to date.
Kore.ai’s offerings include conversational virtual AI assistants and Generative AI (GenAI) applications. These platforms are highly customizable to enable firms to tweak their solutions based on client demands.
Armed with these technologies, firms will be able to deploy services to industries such as banking, healthcare, and retail and across a variety of key roles, such as information technology and human resources, among others.
The firm aims to meet the surging demand in the conversational AI ecosystem. According to a study by consulting company Gartner, the market will reach $377 billion in revenue by 2032, up from $66 billion in 2023.
“Sitting above the infrastructure layer and LLM chaos, our open approach grants businesses freedom of choice with built-in guardrails for effective AI implementation,” said Raj Koneru, founder and CEO of Kore.ai.
Kore.ai was founded in 2014. It is headquartered in Orlando, Florida, with offices in India, the United Kingdom, the Middle East, Japan, South Korea, and Europe. Its top clients include PNC Bank, AT&T, Cigna, Coca-Cola, Airbus, and Roche.
