The company, which was founded in 2016, initially provided an open-source platform for developers to build chatbots and voice apps. It has since shifted its focus to helping enterprises improve customer engagement. Rasa's technology allows businesses to understand language in a nuanced way without risking inaccuracies, and it claims to have doubled its annual recurring revenue in 2023. The company's bots are used for tasks ranging from checking account balances to assisting with technical issues, such as resetting a router.
Key takeaways:
- Rasa is a startup that provides infrastructure for developers to build conversational AI assistants, aiming to make interactions with bots more personal and meaningful.
- The company's technology has attracted large clients, mainly in the financial services and telecom sectors, including two of the world's top three banks, American Express, and Deutsche Telekom.
- Rasa has recently secured $30 million in Series C funding, co-led by StepStone Group and PayPal Ventures, after roughly doubling its annual recurring revenue in 2023.
- The investment from PayPal Ventures marks the company's first investment in AI, with the firm stating that Rasa's technology improves customer engagement and business performance.