Kore ai raises $150 MN in funding round led by FTV Capital
Kore.ai, a US-based gen AI platform, has secured around $150 million in funding in an investment round led by FTV Capital.
The funding round, organised in the last week of January 2024, was also attended by NVIDIA and Kore.ai’s existing investors including Vistara Growth, Sweetwater PE, NextEquity, Nicola and Beedie.
With this new investment, the startup aims to strengthen its presence in emerging markets, including the Middle East, Asia Pacific, India, and Europe. It will invest in AI innovation to provide practical benefits to businesses and people on a large scale. This platform will help teams create customised solutions or use pre-built virtual assistants in industries like banking, healthcare, and retail, as well as in roles like IT, HR, and more.
Sharing the funding news, Raj Koneru, founder and CEO of Kore.ai said, “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. 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.”
Kapil Venkatachalam, partner at FTV Capital commented, “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. We are excited to partner with such an experienced and high-calibre team that consistently delivers world-class innovations, and we look forward to leveraging our deep knowledge and network to catalyse Kore.ai’s success.”