Kore.ai, A Leader In Enterprise Conversational & Generative AI Platform Technology, Closes $150M Funding Round

Portfolio News, Vistara News

Vistara Growth is extremely proud to announce our continued support of Kore.ai with our participation in the transformative funding round led by FTV Capital, with NVIDIA, our co-investing LPs Beedie Capital and Nicola Wealth, and other existing investors, propelling Kore.ai’s leadership in Conversational and Generative AI-powered customer and employee experiences worldwide.

We have been a steadfast partner of Kore.ai since 2019, including leading the previous funding round through converting our debt to equity. Our participation in this latest funding round underscores our long-standing commitment to the company’s success. Over the period from our initial investment to today, Kore.ai has experienced remarkable growth, catapulting from $10 million to $100 million in Annual Recurring Revenue (ARR), consistently demonstrating triple-digit year-over-year growth in revenues.

Randy Garg, Founder and Managing Partner at Vistara and Kore.ai Board member commented, “Amidst the massive headline funding rounds and all the hype and promise around AI, we are very pleased to further our longstanding relationship with Kore.ai who have consistently innovated on their advanced platform solution, which highly discerning global enterprise customers are deriving real tangible value from.  With this capital and strategic partnerships, and strength of its management team, Kore.ai should continue its impressive growth trajectory as a leader in the advanced AI space.”

Raj Koneru, Founder and CEO of Kore.ai, previously remarked, “As a 5-time founder entrepreneur, I have worked with numerous investors at various stages. Vistara has been especially impressive in their involvement with Kore.ai, initially as a lender and now as an equity partner. Its critical for founders to partner with investors that have had experience not only in good times, but ones that can deal with bumps in the road and help make important decisions in the best interests of the company. I look forward to a continued long term highly productive relationship with the team at Vistara as we execute on our ambitious growth objectives.”

In the News: Forbes – Kore.ai Nabs $150 Million From NVIDIA And FTV To Scale Enterprise AI

Kore.ai, A Leader In Enterprise Conversational And Generative AI Platform Technology, Closes $150 Million Funding Round

Round led by FTV Capital, with participation from NVIDIA, Vistara Growth, and other existing investors. Funding to further solidify leading position in explosive advanced AI markets

ORLANDO, Fla., Jan. 30, 2024 /PRNewswire/ — Kore.ai, a leader in enterprise conversational and generative AI platform technology, today announced $150 million in funding. The strategic growth investment was led by FTV Capital, a sector-focused growth equity investor with a successful 25+ year track record investing across enterprise technology, along with participation from NVIDIA and existing investors such as Vistara Growth, Sweetwater PE, NextEquity, Nicola and Beedie. The new funding will accelerate Kore.ai’s market expansion and continuous innovation in AI to deliver tangible business and human value at scale.

Poised to seize market momentum around putting AI to work

The AI market has seen rapid growth and disruption driven by advancements in technology and shifting user expectations. Gartner estimates the conversational AI market to reach $377 billion in revenue by 2032, up from $66 billion in 2023. This reflects an exponential demand for enhanced customer experiences, streamlined business operations and innovative GenAI applications addressing specific business tasks.

Kore.ai provides an enterprise-grade no-code platform to help companies of all sizes power business interactions with AI safely and responsibly while driving significant revenue and cost savings. From conversational virtual assistants to generative AI (Gen AI) applications, Kore.ai’s differentiated platform offers purpose-built workflows, highly configurable tools and a flexible, open architecture that are recognized as the leading approach by customers and analysts. This gives teams the ability to craft custom solutions or deploy pre-built, domain-trained virtual assistants across multiple industries such as banking, healthcare and retail and across a variety of functional roles such as IT, HR and others, to accelerate time-to-value.

“We have been working with advanced AI for a decade now – our deep technology expertise and market understanding put us in a prime position to take advantage of the momentum and to do AI right in order to meet growing customer needs,” said Raj Koneru, founder and CEO of Kore.ai. “Sitting above the infrastructure layer and LLM chaos, our open approach grants businesses freedom of choice with built-in guardrails for effective AI implementation. As we look to enhance our Gen AI-powered innovations and drive wider adoption across a variety of market segments, we are pleased to have the backing of FTV Capital, a firm that has significant experience in our space and invaluable connections across the enterprise to augment our exciting growth trajectory.”

“We’ve spent significant time examining the landscape and evaluating advanced-AI platforms, and Kore.ai clearly stood out with its proven enterprise-grade platform capabilities, visionary leadership, strong R&D focus, established global customer base and clear path to profitability,” said Kapil Venkatachalam, partner at FTV Capital. “We’re excited to partner with such an experienced and high-caliber team that consistently delivers world-class innovations, and we look forward to leveraging our deep knowledge and network to catalyze Kore.ai’s success.”

Market understanding and expertise across diverse use cases

Today, several Fortune 2000 companies across a variety of industry verticals leverage Kore.ai to enhance their customer, employee and contact center agent experiences and drive measurable ROI. Customers include leading financial institutions, such as PNC Bank and large global banks, as well as major brands such as AT&T, Cigna, Coca-Cola, Airbus and Roche.

Over the past several years Kore.ai has consistently demonstrated triple-digit year-over-year growth in revenues. The company automates 450 million interactions a day for about 200 million consumers and two million enterprise users worldwide. In addition to domestic growth, Kore.ai’s growth has been fueled by rising demand from emerging markets in Asia Pacific, Europe, LatAm and the Middle East. As a result, Kore.ai has added new Global 2000 enterprise customers across major verticals.

Kore.ai has been recognized as a leader and an innovator by top analysts, including being named a leader in Gartner’s Magic Quadrant for Enterprise Conversational Al Platforms twice in a row.

About Kore.ai

Kore.ai is a leading provider of advanced AI technology with a decade of experience in helping enterprises realize business value through the safe and responsible use of AI. The company’s innovative platform, no-code tools and solutions are used to deliver end-to-end customer and employee experiences from automated to human assisted and to build generative AI enabled applications. Kore.ai takes an open approach allowing companies to choose the LLMs and infrastructure that best meet their business needs. Trusted by over 200 partners and 400 Fortune 2000 companies, Kore.ai helps them navigate their AI strategy. The company has a strong patent portfolio in the AI space and has been recognized as a leader and an innovator by top analysts. Headquartered in Orlando Kore.ai has a network of offices to support customers including in India, the UK, Middle East, Japan, South Korea, and Europe. Visit Kore.ai to learn more.

About Vistara Growth

Vistara Growth provides highly flexible growth debt and equity solutions to leading technology companies across North America. Founded, managed, and funded by seasoned technology finance and operating executives, “Vistara” (Sanskrit for “expansion”) is focused on enabling growth for the ambitious entrepreneurs we invest in, our investors, our people, and the communities we operate in.  For more information, visit vistaragrowth.com

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