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Kore.ai: Empowering Businesses to Create Custom Conversational AI Apps & Chatbots

Image Credits: Kore.ai
By: Headliners News / April 10, 2024

Meet Kore.ai, an Orlando-based tech startup founded back in 2014 by Raj Koneru, has carved a notable niche in the competitive field of conversational AI and generative AI (GenAI) products for enterprises. Not too long ago, the company raised $150 million in a funding round led by FTV Capital, Nvidia, Vistara Growth, Sweetwater PE, NextEquity, Nicola, and Beedie, bringing its total funding to approximately $223 million. The substantial influx of capital will be dedicated to product development and scaling Kore.ai’s workforce.

Raj Koneru, the CEO and co-founder of Kore.ai, has a history of entrepreneurial ventures, including Kony, a mobile app development startup, and other small companies like iTouchPoint (an outsourcing firm) and Intelligroup (a tech consultancy). Inspired by the transformative potential of AI, especially large language models (LLMs) like OpenAI’s ChatGPT, Koneru founded Kore.ai in 2014.

Kore.ai focuses on providing an innovative platform for companies to enhance various business interactions through AI. The platform offers workflows and tools that enable businesses in industries such as banking, healthcare, and retail to create custom conversational AI apps or deploy pre-built, “domain-trained” chatbots. These applications cater to customer-to-employee or employee-to-employee interactions, including support chats with IT or HR service desks.

The company differentiates itself by providing flexibility in deploying AI apps, allowing companies to choose between the cloud, local environments, or virtual machines. Kore.ai also emphasizes fine-tuned models tailored for specific enterprise use cases, arguing that these models can offer superior efficiency, accuracy, response control, reduced latency, and cost-effectiveness compared to larger pre-trained models.

While various vendors are developing GenAI- and LLM-powered solutions, Kore.ai positions itself as a platform that offers greater flexibility, adaptability, and the ability to fine-tune models for specific enterprise needs. Additionally, the company addresses concerns around privacy and security by advocating for smaller, offline models that reduce the risk of compromising sensitive information.

Kore.ai’s success is evident in its growing customer base, which surpassed 400 brands in the previous year, including prominent names such as PNC, AT&T, Cigna, Coca-Cola, Airbus, and Roche. The annual recurring revenue for Kore.ai now exceeds $100 million, reflecting income from licensing and usage fees, along with consulting services.

The latest funding round, led by FTV Capital, underscores the ongoing investor confidence in GenAI startups. The $150 million injection will not only support Kore.ai’s product development but also contribute to scaling up the company’s workforce. As the demand for innovative AI solutions continues to grow, Kore.ai remains optimistic about its ability to navigate the evolving landscape and offer effective AI implementations to enterprises.

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