Kore.ai, which develops workflow automation technologies, raises $70M
By Kyle Wiggers, VentureBeat
October 5, 2021: Kore.ai, a no-code automation platform designed for enterprise applications, today announced that it raised $50 million in a series C round led by Vistara Growth and PNC with participation from Next Equity Partners, Nicola Wealth, and Beedie Capital, along with $20 million in debt from Sterling National Bank. The funds, which bring Kore’s total raised to over $100 million to date, will be put toward expanding the company’s workforce while developing new product features, according to cofounder and CEO Raj Koneru.
In 2015, just 10% of organizations reported that they either already used automation technology or would be doing so in the near future. Fast forward to 2019, and that number rose to 37% — which means that more than one in three organizations are either using AI or have plans to do so.
Indeed, according to a 2019 Salesforce survey, 1 in 4 sales teams currently use AI in their day-to-day work. Another source found that revenue grew by up to 5% for four in ten marketing and sales departments after their adoption of AI.
Orlando, Florida-based Kore, which was founded in 2013, provides internal and customer-facing workflow automation tools including “purpose-built” and “domain-trained” chatbots. Kore’s conversational voice and text assistants respond to and deflect queries, offering search tools for knowledge databases, IT support manuals, and more.
“Kore continues to make bold investments in its market-leading technology that enables organizations to discover new ways of engaging customers and ensuring enterprise-wide collaboration through exceptional conversational experience,” Koneru said in a previous press release.