Despite competition in the GenAI and LLM-powered solutions market, Kore.ai differentiates itself by offering flexibility in deployment of AI apps and the ability to fine-tune these apps. The company also provides ways for organizations to scale up their AI as needed and expand their use of AI into new domains. Kore.ai has over 400 brands as customers and its annual recurring revenue stands north of $100 million. The company believes the growth in the GenAI market is sustainable, with 55% of organizations already piloting or deploying GenAI tech into production for various functions.
Key takeaways:
- Kore.ai, a company developing enterprise-focused conversational AI and GenAI products, has raised $150 million in a funding round led by FTV Capital, Nvidia, Vistara Growth, Sweetwater PE, NextEquity, Nicola and Beedie, bringing its total raised to approximately $223 million.
- The new funding will be used for product development and scaling up Kore.ai’s workforce, according to co-founder and CEO Raj Koneru.
- Kore.ai offers a no-code platform to help companies power various business interactions via AI, with workflows and tools designed to create custom conversational AI apps or deploy pre-built, domain-trained chatbots.
- The company's customer base surpassed 400 brands last year, and its annual recurring revenue now stands north of $100 million, thanks to income from licensing and usage fees in addition to consulting services.