Kore.ai, a startup building conversational AI for enterprises, raises $150M

in the middle of a Wave of layoffs in tech industryIt is heartening to see some startups succeeding despite the poor market scenario.

Kore.aiThe company developing enterprise-focused conversational AI and GenAI products today announced it has raised $150 million in a funding round led by FTV Capital, Nvidia, Vistara Growth, Sweetwater PE, NextEquity, Nikola and BD. Co-founder and CEO Raj Koneru told me in an interview that as the company’s net earnings reach ~$223 million, the new cash will be invested in product development and growing Kore.ai’s workforce.

Kore.ai started Kore.ai in 2014 after launching Koni, a mobile app development startup, and several other smaller companies, including iTouchPoint (an outsourcing firm) and Intelligroup (a tech consultancy). He says he was inspired to found Kore.ai after seeing the potential of AI, especially large language models (LLM) along the lines of OpenAI. chatgptTo change user experiences.

“With the introduction of GenAI and LLM, the technological landscape has become very chaotic and uncertain due to rapid advancements,” Koneru said via email. “There were more questions than answers… but I saw conversational AI and LLM as an opportunity for innovation.”

Due to GenAI being a new discipline, Kore.ai was not developing GenAI products in 2014. per se, But Koneru says the company was laying the foundation for upcoming GenAI products — investing heavily in text-generating and -analysis models.

so how is it? Kore.ai Innovation? Well, as Koneru describes it, the startup offers a no-code platform to help companies power various “business interactions” through AI — essentially customer-to-customer over the phone or text. -Employee or employee-to-employee interactions (think support chat with the IT/HR service desk). Kore.ai provides workflow…

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