Conversational AI software company Kore.ai recently announced that it has raised $50 million in Series C funding led by Vistara Growth and PNC, with additional participation from NextEquity Partners, Nicola Wealth and Beedie Capital. Kore.ai also secured an additional $20 million credit facility from Sterling National Bank, bringing their total funding to $70 million.
Randy Garg, Managing Partner of Vistara Growth, and Daniel Pavlick, Executive Vice President of PNC, have joined Kore.ai‘s board of directors as a part of the Series C round.
“As customer expectations continue to rise, they increasingly expect the type of world-class experience that our customers deliver using our best-of-breed conversational AI-based XO platform. We are absolutely thrilled to have such strong financial and strategic partners as investors, who can help guide us as we continue to grow exponentially in the market by enabling our customers to deliver extraordinary conversational AI experiences which result in extraordinary outcomes,” said Raj Koneru, Founder and CEO of Kore.ai.
Randy Garg of Vistara Growth said, “As conversational AI technology continues to raise the bar on customer experiences via both voice and digital channels, Kore.ai remains at the forefront of innovation. The company has established itself as a clear market leader as recognized by its customers and industry analysts in this rapidly growing space, and recent innovations such as its easy to implement no-code solutions ensure it will remain so for the foreseeable future”.
Kore.ai plans to use a significant amount of the funds to scale efforts to be the undisputed leader in Experience Optimization or XO, optimizing enterprise customer, agent, and employee experiences through AI-native platforms and products. The company recently launched SmartAssist, the world’s first AI-native end-to-end Contact Center as-a-Service (CCaaS) solution, as well as BankAssist, an omnichannel conversational virtual assistant that automates the most common retail banking customer needs to drive elevated customer experiences.
Kore.ai has been growing over 100% per year over the last few years and has delivered optimized experiences for over 100 million enterprise consumers and 500K employees resulting in over $500 million in cost savings while improving CSAT by 20-30%.
