Kore.ai Extends Its Financing with $73.5M Series C Funding Round
ORLANDO, Fla., Nov. 23, 2021 -- Kore.ai, a conversational AI software company, today announced that it has extended its Series C funding round with participation from NVIDIA. In conjunction with the investment, Kore.ai and NVIDIA will collaborate on accelerating innovation in the deployment of conversational AI-based platforms and solutions for enterprises.
As the global business world continues to embrace digital transformation, it has become increasingly critical to deliver superior customer engagement and support. Contact centers are grappling with rising caller abandonment due to long wait times, overloaded agents and contextual response inaccuracies that eventually degrade the overall customer experience, and negatively impact customer satisfaction scores such as CSAT and NPS. This often leads to significant customer churn in a world where acquiring a new customer typically costs five times more than retaining one.
Kore.ai is collaborating with NVIDIA to address these challenges and optimize customer and contact center agent experiences. Kore.ai will integrate NVIDIA software including Riva, a GPU-accelerated SDK for building speech AI applications that delivers real-time performance and provides flexibility and customization for next-generation solutions. Riva running on NVIDIA GPUs will provide greater accuracy and lower latency for end customers.
In this strategic relationship, while Kore.ai brings its innovation leadership in natural language processing technologies, 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), the basic underpinnings of Kore.ai's end-to-end solution. Kore.ai's SaaS or on-premises solutions will leverage NVIDIA AI software to maximize customization choices and deliver high performance and the lowest total cost of ownership.
"This relationship will allow us to further optimize the contact center experience for customers and agents thereby improving the speed of business for enterprises, large and small," said Raj Koneru, founder and CEO of Kore.ai. "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."
Kore.ai has been helping enterprises across industries increase their speed of business by optimizing customer, employee, search and contact center agent experiences through digital virtual assistants built on its market-leading no-code Experience Optimization (XO) Platform. This comprehensive conversational AI platform gives clients the ability to handle sophisticated multi-turn conversations, including digressions, interruptions and corrections with ease.
"Expanding our relationship with Kore.ai will help us work towards the mutual goal of building domain-specific and real-time voice assistants with impressive voice quality that can be adapted by every company to represent their brand," said John Ashley, Industry General Manager for Financial Services and Technology at NVIDIA. "This collaboration will give enterprise organizations the ability to tackle key technology challenges in speech recognition, NLP and TTS integration."
Kore.ai increases the speed of business by optimizing customer, employee, agent and search experiences through digital and voice and business process assistants built on its market-leading Experience Optimization platform. Companies who prioritize experience optimization use Kore's no-code conversational AI platform to raise CSAT, NPS and lower operational costs. The top 4 banks, top 3 healthcare businesses, and over 100 Fortune 500 companies have automated a billion interactions since Kore was founded in 2014. Its pre-built vertical and horizontal solutions along with business process assistants have made it easier and faster for these top-performing businesses to scale their experience optimization initiatives. Kore.ai has been recognized as a leader by top analysts, and serves customers with large-scale deployments, handling millions of conversations in text and voice, in retail banking, healthcare, technology, and other areas. Kore.ai ensures the success of its customers through a growing team headquartered in Orlando, Florida, along with offices in India, the UK, Japan, and Europe. Visit Kore.ai to learn more.