AI start-up Cognigy raises $44 million in Series B funding
Written by Finbarr Toesland Wed 2 Jun 2021
Cognigy raises $44 million dollars in order to expand on its operations and build industry partnerships.
In a funding round led by global venture capital and private equity firm, Insight Partners, conversation AI start-up Cognigy raised $44 million. Counting brands like Lufthansa, BioNTech, Vueling Airlines, Bosch and Daimler among its clients, Cognigy offers a conversational AI platform that they say is pioneering a new era of customer service.
The Düsseldorf-founded firm will use this funding to establish new partnerships, boost customer growth around the world and improve the capabilities of their platform for enterprises.
“The past four years have seen us emerge as a leader in the Enterprise Conversational AI space and we are extremely happy to be partnering with Insight Partners for the next phase of our journey,” says Philipp Heltewig, CEO and Co-Founder of Cognigy.
“This investment will enable us to significantly expand our operations in North America, Europe and Asia, whilst maintaining our clear product leadership position and building on our strong industry partnerships,” he adds.
Advances in technology now mean that customers can get quick answers to questions through an automated agent on issues like order status, returns and complaints. Often those interacting with chat-based AI agents won’t even be aware they are not dealing with a human assistant, as the platform is able to mimic human responses to such a high degree.
Deploying these virtual agents does not necessitate a comprehensive understanding or experience of coding with a visual interface making implementing conversational AI platforms relatively easy.
Cognigy’s conversational AI platform has been used to provide virtual assistants in 120 languages and, in the process, reduced wait times and created considerable cost savings for enterprises. Through a combination of low-cost automation and advanced natural language understanding (NLU), a wide range of conversations are able to be automated, instead of requiring the time and expertise of a human agent.