Kore.ai, a conversational AI company based in Hyderabad, has raised $150 million in a strategic growth investment led by FTV Capital and Nvidia. The company provides an enterprise-grade no-code platform for building chatbots and other AI solutions for various industries and use cases. Kore.ai plans to use the funds to expand its market presence and innovate in generative AI.
Kore.ai is one of the leading players in the conversational AI market, which is expected to reach $377 billion in revenue by 2032, according to Gartner. The company was founded in 2014 by Raj Koneru, who previously launched Kony, a mobile app development startup, and several other small companies. Kore.ai has over 200 customers worldwide, including PNC Bank, AT&T, Cigna, Coca-Cola, Airbus and Roche.
The company’s platform enables enterprises to create custom AI solutions without coding, using purpose-built workflows and configurable tools. The platform also supports advanced features such as large language models (LLMs), contact center AI, agent AI and search and answer capabilities. Kore.ai claims to automate 450 million interactions a day for about 200 million consumers and two million enterprise users.
The new funding round will help Kore.ai accelerate its growth and innovation in the AI space, especially in generative AI, which can produce various types of content, such as text, imagery and audio. Kore.ai’s co-founder and CEO Raj Koneru said that the company has a significant experience and market understanding in AI and is well-positioned to take advantage of the momentum.
The round was led by FTV Capital, a sector-focused growth equity investor that has backed several successful companies in the fintech and enterprise software sectors. Kapil Venkatachalam, partner at FTV Capital, said that Kore.ai stood out with its proven platform capabilities, focus on research, established global customer base and clear path to profitability.
The round also saw participation from Nvidia, the chip giant that is known for its GPU technology and AI initiatives. Nvidia has been collaborating with Kore.ai on developing and deploying LLMs for conversational AI applications. Nvidia’s vice president of worldwide field operations Jeff Herbst said that Kore.ai’s platform leverages Nvidia’s GPU-accelerated AI software and hardware to deliver high-performance and scalable AI solutions for enterprises.
Other existing investors that joined the round include Vistara Growth, Sweetwater PE, NextEquity, Nicola and Beedie. The round brings Kore.ai’s total funding to about $223 million.