Kore.ai, which develops workflow automation technologies, raises $70M

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Kore.ai, a no-code automation platform designed for enterprise applications, announced today that it raised $ 50 million in a C-Series series led by Vistara Growth and PNC with the participation of Next Equity Partners, Nicola Wealth and Beedie Capital along with $ 20 million in debt from Sterling National Bank. The funds, which bring Kore’s total fundraising to over $ 100 million to date, will be used to expand the company’s workforce while developing new product features, according to co-founder and CEO Raj Koneru.

In 2015, only 10% of organizations reported that they either already used automation technology or would do so in the near future. Fast forward to 2019, and that number rose to 37% – meaning more than one in three organizations either use AI or plan to do so. According to a Salesforce survey from 2019, 1 in 4 sales teams currently use AI in their daily work. Another source found that revenue grew by up to 5% for four out of ten marketing and sales departments after their adoption of AI.

Founded in 2013, Florida-based Florida-based Kore offers internal and customer-facing workflow automation tools, including “custom-built” and “domain-trained” chatbots. Kore’s voice and text assistants answer and divert queries and offer search tools for knowledge databases, IT support manuals and more.

Above: Kore.ai’s conversational AI dashboard.

Image credit: Kore.ai

“Kore continues to make bold investments in its market-leading technology that enables organizations to discover new ways to engage customers and secure cross-company collaboration through unique conversation experience,” Koneru said in an earlier press release.

Business automation

Kore’s platform enables companies to design, build, test and implement AI-powered virtual assistants and automation solutions. In addition to this, the launch recently launched SmartAssist, a contact center product with an integrated virtual assistant, desktop console and workspace that allows customer service agents to manage conversations.

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

Kore’s success comes after the global conversation -AI market reached $ 4.91 billion in value in 2020, according to Emergen Research. By the end of 2021, it is predicted that over 50% of companies will spend more per year on creating bots and chatbots than on traditional mobile app development. And by 2022, 75% to 90% of queries could be handled by bots as opposed to humans, CNBC forecasts.

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

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