Nvidia Corp. joined the $150 million capital infusion into the chatbot creator Kore.ai.
The mentioned tech giant, based in California, making its latest investments in the sphere of artificial intelligence, which currently relies heavily on the brand’s high-quality chips.
FTV Capital led the financing round Kore.ai. The company that received the funds intends to use the provided capital to develop a large number of virtual assistants based on artificial intelligence for global brands.
Kore.ai is a startup. This company is based in Orlando, Florida. The startup intends to establish cooperation with such corporate clients as Coca-Cola Co., Airbus SE, and Roche Holding AG.
Currently, the use of digital products based on artificial intelligence in corporate spaces is a common practice. For example, LG Electronics Inc. is launching a chatbot to support online buyers of its products.
Nvidia, an existing sponsor of Kore.ai over the past year, has concluded several deals with promising companies operating in the sphere of artificial intelligence. The tech giant has invested in such players in the machine intelligence industry as, for example, Hugging Face, Cohere, and Mistral AI.
Nvidia chips are a kind of basic element for the training and development of generative artificial intelligence systems. The technology giant relies on the potential of machine intelligence, which is currently characterized by many experts as the driving force behind the transformation of human civilization, including in the context of work processes. Artificial intelligence can change entire industries. The excitement around advanced technology began after OpenAI presented the chatbot ChatGPT at the end of 2022, which amazed the consumer audience with its intellectual abilities.
Last year, Nvidia provided funding to more than ten startups in the sphere of artificial intelligence. Mainly this is companies that build using its sophisticated processors.
Kore.ai is convinced that since the time artificial intelligence will become popular among enterprises that seek to automate their business. Currently, the startup automates 450 million daily interactions involving about 200 million consumers. The startup is also preparing for an initial public offering of shares.
In recent years, the revenue indicator Kore.ai has shown growth in three-digit percentages. This was announced by the founder and chief executive officer of the startup, Raj Koneru, without detailing the information. According to him, the startup will have the necessary scale and process to conduct an IPO in about two years.
Raj Koneru, born in India, founded Kore.ai in 2014, in Orlando. The company assists enterprises in solving problems related to business interaction, including with users, customers, and employees. The startup solution allows for to reduction of costs. Enterprises use pre-build or customized virtual assistants in such spheres of activity as banking, retail, and healthcare.
Kore.ai began to implement generative artificial intelligence. In this case, machine intelligence can create text materials, images, and other categories of content in response to user requests. The startup integrates commercial open-source large language models, including the development of OpenAI, Google, Meta Platforms Inc., Anthropic, and Cohere. The company then fin-tunes these models or additionally trains with new data for specific tasks.
Gartner Inc. estimates that the financial volume of the conversational artificial intelligence market could reach $377 billion by 2032. In 2023, this figure amounted to $66 billion.
Raj Koneru stated that OpenAI ChatGPT has opened the world’s eyes to what is possible, but, according to him, the current level of development and capabilities of artificial intelligence is still the tip of the iceberg.
As we have reported earlier, Nvidia CEO Makes China Tour.