Kore.ai Received $150 million in investment to develop its conversational/generative AI platform technology.FinancingThe chipmaker announced on Tuesday (January 30) that it had raised $1.3 billion in funding led by FTV Capital.NvidiaAlso participated in the investment.
The Orlando, Florida-based company said it will use the funds to expand the use of its generative artificial intelligence (AI) platform, “helping companies of all sizes safely and responsibly leverage AI to drive business interactions while realizing significant revenue and cost savings,” a press release reads.
According to a press release, Kore.ai’s platform enables teams to build customized solutions or deploy pre-built, domain-specific trained virtual assistants for functions such as IT and HR in industries such as banking, healthcare, and retail.
“Our open approach gives enterprises the freedom of choice while providing built-in safeguards for effective AI implementation,” said Raj Koneru, founder and CEO of Kore.ai. “Our platform sits above the infrastructure layer and LLM chaos.”
Kore.ai’s funding announcement comes a day after AI company Sema4.ai secured $30.5 million in investment to bring open source-driven AI to enterprise work.
“Traditionally, AI has struggled to support the complex workflows of knowledge workers,” PYMNTS wrote. “While large language models (LLMs) can summarize large amounts of information and interact with humans, they lack the ability to handle ambiguity, adapt to changing context, and take action.”
Sema4.ai says it aims to bridge this gap by enabling meaningful human-machine collaboration.
Meanwhile, PYMNTS also spoke with Eric Lefebvre, CTO of Sovos, about the role of AI in payments in an interview published on Tuesday. He pointed to anti-fraud work as an area where there are a lot of opportunities for this technology. Fraudsters already use AI to impersonate people and entities, so the goal for banks and businesses is to ensure that transactions are legitimate.
As payments move closer to real-time, an “AI arms race” has emerged in the fight against bad actors, meaning companies must play both offense and defense.
In doing so, “we are mining that data, creating rules from the data,” and because transactions are visible in real time, it allows businesses to proactively block fraudsters’ actions rather than reactively reacting to them, Lefebvre said.