Kore.ai Extends Its Financing to $73.5 Million

Kore.ai has extended its Series C funding round with participation from NVIDIA.

Kore.ai and NVIDIA will collaborate on accelerating innovation in the deployment of conversational AI-based platforms and solutions for enterprises. 

The leading conversational AI software company Kore.ai announced that it has expanded its Series C funding round with NVIDIA’s participation. Kore.ai and NVIDIA will work on accelerating innovation in the implementation of conversational AI-based platforms and solutions for companies in connection with the investment.

As the global corporate sector embraces digital transformation, it is becoming increasingly important to provide outstanding customer engagement and support. Contact centres are dealing with growing caller abandonment as a result of long wait times, overloaded agents, and contextual response mistakes, which impair the entire customer experience and have a negative impact on customer satisfaction numbers such as CSAT and NPS. This frequently results in considerable customer turnover in a world where getting a new client generally costs five times as much as maintaining an existing one. Kore.ai is working with NVIDIA to fix these issues and improve the customer and help desk agent experiences.

Kore.ai and NVIDIA will work on accelerating innovation in the implementation of conversational AI-based platforms and solutions for companies in conjunction with the investment (about $3.5 million). The company will use NVIDIA products, such as Riva, a GPU-accelerated SDK for developing voice AI applications that enable real-time performance while also providing flexibility and customization for next-generation solutions. While Kore.ai will provide its innovation leadership in natural language processing technologies to this strategic alliance, NVIDIA will bring its innovation in speech AI, which includes speech-to-text (automatic speech recognition or ASR), NLP parsing, and text-to-speech (TTS).

Kore.ai, founded by Raj Koneru, accelerates business by enhancing customer, employee, agent, and search experiences using digital and voice and business process assistants built on its Experience Optimization platform. The company supports clients through large-scale deployments, managing millions of text and voice conversations in retail banking, healthcare, technology, and other industries. Since Kore’s inception in 2014, the top four banks, top three healthcare enterprises, and over 100 Fortune 500 companies have automated billions of interactions.

“This relationship will allow us to further optimize the contact centre experience for customers and agents thereby improving the speed of business for enterprises, large and small,” said Raj Koneru .”We’ve made significant strides to develop these solutions at scale, with conversational assistants and native AI capabilities built from the ground up.  In addition to its investment, NVIDIA brings an industry-leading team and advanced AI technology. We will work together to expand best-in-class support to enterprise customers so that they can leverage conversational AI modules to power their customer and internal workforce applications.”

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