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Kore.ai Raises $150M to Expand Its GenAI Platform
Orlando, Florida-based Kore.ai has secured $150 million in funding from investors including FTV Capital. The company’s platform provides a range of tools for building and deploying generative AI (GenAI) models.
According to the company, its customer base has grown to over 400 brands, including PNC, AT&T, Cigna, Coca-Cola, Airbus, and Roche. Its annual recurring revenue now stands at north of $100 million, driven by licensing and usage fees in addition to consulting services.
Growing Demand for GenAI
The funding round follows a strong year for GenAI startups, with GlobalData reporting that they raised a record $10 billion in 2023 – a 110% increase compared to 2021. While some experts have questioned the sustainability of this growth, Kore.ai’s CEO argues that it is driven by genuine demand from enterprises looking to leverage AI capabilities.
"We haven’t observed any slowdown in the market," said Kapil Venkatachalam, managing director at FTV Capital. "The most pressing challenge [we’re facing] is to operate and innovate in a market that’s not just seen rapid growth but also disruption driven by advancements in technology, changing user expectations and a broader integration of newer AI capabilities that are evolving each day."
Kore.ai’s Platform
Kore.ai’s platform provides a range of tools for building and deploying GenAI models, including open-source code, scalability, vertical-specific out-of-the-box applications, and low-code/no-code capabilities. The company’s nearly 1,000-person workforce is dedicated to supporting customers as they integrate GenAI into their businesses.
Market Opportunities
While some experts have raised concerns about the security, privacy, and compliance risks associated with GenAI adoption, Kore.ai’s CEO argues that these challenges can be overcome with the right approach. "Enterprise players need to take advantage of the benefits of technology while avoiding security, privacy, and compliance pitfalls," he said.
The funding round is likely to fuel further growth for Kore.ai, which has established an impressive foothold in the competitive AI field. With its strong customer base and revenue growth, the company is well-positioned to capitalize on the growing demand for GenAI solutions.
Sources
- GlobalData: "GenAI Startups Raise Record $10 Billion in 2023"
- Gartner: "55% of Organizations Already Piloting or Deploying GenAI Tech into Production"