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Kore.ai secures $150 million for Conversational AI

A Florida-based firm, Kore.ai, raises $150 million in funding to develop conversational AI for businesses, amidst a wave of tech industry layoffs. The CEO, Raj Koneru, plans to use the funds for product development and expansion of the workforce.

Kore.ai offers a no-code platform for businesses to power various interactions between employees and clients. It provides intelligent virtual agents, AI for contact centers, and search and answer features for industry-specific use cases.

Kore.ai claims to stand out by offering more flexibility and fine-tuning capability for deploying AI applications, addressing privacy concerns by allowing offline deployment of smaller, customized models.

Despite competition, Kore.ai has established a strong presence in the AI field, with a growing customer base and annual recurring revenue. With the rapid growth of the GenAI market, the firm believes its platform-driven approach and open platform will continue to meet the increasing demand for innovative AI solutions.