Kore.ai, a developer of workflow automation technology, raises $ 70 million

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Kore.ai, a no-code automation platform for enterprise applications, announced today that it has sold $ 50 million and $ 20 million in a Series C round led by Vistara Growth and PNC, with participation of Next Equity Partners, Nicola Wealth, and Beedie Capital Has borrowed millions of dollars from the National Bank of Sterling. The funds, which Kore has raised in excess of $ 100 million to date, will be used to expand the company’s workforce and develop new product features, according to Co-Founder and CEO Raj Koneru.

In 2015, only 10 % of companies stated that they either already use automation technology or will do so in the near future. Fast forward to 2019, and that number rose to 37% – which means that more than one in three companies either use or plan to use AI. As a matter of fact, according to According to a 2019 Salesforce survey, one in four sales teams currently use AI in their daily work. Another source found that sales for four out of ten marketing and sales departments increased by up to 5% after adopting AI.

Kore, based in Orlando, Florida, was founded in 2013 and provides internal and customer-facing workflow automation tools, including “purpose-built” and “domain-trained” chatbots. Kore’s conversational voice and text assistants respond to and redirect inquiries, and provide search tools for knowledge databases, IT support manuals, and more.

Above: The conversational AI dashboard from Kore.ai.

Image source: Kore.ai

“Kore continues to boldly invest in its market-leading technology that enables companies to discover new ways to retain customers and ensure company-wide collaboration through exceptional conversational experiences,” Koneru said in a previous press release.

Enterprise automation

Kore’s platform enables companies to design, build, test and deploy AI-powered virtual assistants and automation solutions. The startup also recently launched SmartAssist, a contact center product with an integrated virtual assistant, desktop console and workspace that enables customer service representatives to manage calls.

Kore claims to have automated over a billion interactions for more than 500,000 users at companies like eBay, PNC, Roche, Airbus, AT&T, and Cigna.

Kore’s success comes after the global conversational AI market reached $ 4.91 billion in 2020. according to for emergeny research. The time has come at the end of 2021 predicted that over 50% of companies spend more each year on creating bots and chatbots than on traditional mobile app development. And by 2022, 75 to 90% of requests could be handled by bots, not humans. CNBC Forecasts.

Kore competes with startups like Cognigy, a Düsseldorf-based company that offers a low-code platform that enables customers to create virtual text and voice agents. There is also Yellow.ai, whose AI-powered virtual assistants enable companies to resolve inquiries in over 100 languages ​​and through more than 35 text and voice channels. Rasa’s open source framework brings AI assistants to life by providing the infrastructure and tools necessary for “robust” conversations. And Ada provides tools that companies can use to develop their own automated customer service apps.

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