NVDA. US has joined the ranks of injecting $150 million into chat robot manufacturer Kore.ai, marking the company’s latest investment in the field of artificial intelligence (AI). Kore.ai announced on Tuesday (January 30) that FTV Capital has led the financing round and plans to use the funds to develop more virtual assistants for global brands. This Orlando based startup company stated that its corporate clients include Coca Cola, Airbus, and Roche.
Prior to the latest round of financing, Nvidia was already an investor in Kore.ai. Over the past year, Nvidia has entered into multiple transactions with artificial intelligence companies such as Hugging Face, Cohere, and Mistral AI. Nvidia’s chips are crucial for the training and development of generative artificial intelligence. In 2023 alone, the company made over a dozen investments in artificial intelligence startups, mainly in companies using its advanced processors.
Kore.ai stated that it currently automatically engages in 450 million interactions per day, involving approximately 200 million consumers, and is preparing for an initial public offering.
Raj Koneru, founder and CEO of Kore.ai, stated that the company’s revenue has increased by a three digit percentage in the past few years, but he did not disclose specific details. He said, “We will have the scale and process to be able to conduct an IPO within approximately two years.”
Kore.ai was founded in 2014. The company helps businesses engage in business interactions, including with users, employees, and customers, in order to reduce costs. Enterprises in industries such as banking, healthcare, and retail use their pre built or customized virtual assistants.
Recently, Kore.ai has started adopting generative artificial intelligence technology, which can generate text, images, or other content based on prompts. Kore.ai integrates commercial and open-source large-scale language models, such as those established by OpenAI, Alphabet’s Google, Meta Platforms, Anthropic, and Cohere, and then fine tunes these platforms or further trains them with new data to complete specific tasks.
Gartner estimates that by 2032, the conversational artificial intelligence market revenue may reach $377 billion, higher than the $66 billion in 2023.
“The ChatGPT released by OpenAI has shown the world what can happen,” Koneru said in a conference call, “but we are still at the tip of the iceberg.”