PNC Financial Services Group Inc. is an investor in an Orlando, Florida-based artificial intelligence software firm’s recently completed $50 million capital raise.
PNC (NYSE:PNC) co-led Kore.ai’s Series C financing round with Vistara Growth, based in Vancouver.
Kore.ai’s platform is used by companies around the world to build virtual assistants to automate online conversations with employees or customers, the Orlando Business Journal, a sister publication, reported. The company, founded seven years ago, said in a release that it has been growing at a more than 100% annual clip over the past few years and that it has helped customers to realize more than $500 million in cost savings.
Kore.ai’s products SmartAssist and BankAssist bring AI virtual assistants to call centers and retail banking.
“PNC Bank elected to provide a venture capital investment in Kore.AI because we believe in the company and its mission,” Mike Lyons, PNC executive vice president and head of Corporate and Institutional Banking and Asset Management, said via email. “Like PNC, Kore.AI is focused on applying innovative solutions for creating great customer experiences.”
Daniel Pavlick, PNC executive vice president, joined Kore.ai’s board.
Other investors in the round were NextEquity Partners of Menlo Park, California, and two Canadian firms — Nicola Wealth of Vancouver and Beedie Capital of Burnaby, British Columbia.
