UNDER EMBARGO UNTIL JANUARY 30, 2024 @ 7:30PM (INDIA TIME)

Kore.ai secures $150 Million Strategic Growth Investment to Drive AI-powered

Customer and Employee Experiences for Global Brands

Led by FTV Capital, with participation from existing investors, funding will further solidify Kore.ai’s
leading position in explosive advanced AI market

Bangalore / Chennai, India, January 30, 2024 -- Kore.ai, a leader in enterprise conversational and
generative AI platform technology, today announced $150 million in funding. The strategic growth
investment was led by FTV Capital, a sector-focused growth equity investor with a successful 25+-year
track record investing across enterprise technology, along with participation from existing investors. The
new funding will accelerate Kore.ai’s market expansion and continuous innovation in AI to deliver
tangible business and human value at scale.

Poised to seize market momentum around putting AI to work

The AI market has seen rapid growth and disruption driven by advancements in technology and shifting
user expectations. Gartner estimates the conversational AI market to reach $377 billion in revenue by
2032, up from $66 billion in 2023. This reflects an exponential demand for enhanced customer
experiences, streamlined business operations and innovative GenAI applications addressing specific
business tasks.

Kore.ai provides an enterprise-grade no-code platform to help companies of all sizes power business
interactions with AI safely and responsibly while driving significant revenue and cost savings. From
conversational virtual assistants to generative AI (Gen AI) applications, Kore.ai’s differentiated platform
offers purpose-built workflows, highly configurable tools and a flexible, open architecture that are
recognized as the leading approach by customers and analysts. This gives teams the ability to craft
custom solutions or deploy pre-built, domain-trained virtual assistants across multiple industries such as
banking, healthcare and retail and across a variety of functional roles such as IT, HR and others, to
accelerate time-to-value.

“We have been working with advanced AI for a decade now – our deep technology expertise and market
understanding put us in a prime position to take advantage of the momentum and to do AI right in order
to meet growing customer needs,” said Raj Koneru, founder and CEO of Kore.ai. “Sitting above the
infrastructure layer and LLM chaos, our open approach grants businesses freedom of choice with built-in
guardrails for effective AI implementation. As we look to enhance our Gen AI-powered innovations and
drive wider adoption across a variety of market segments, we are pleased to have the backing of FTV
Capital, a firm that has significant experience in our space and invaluable connections across the
enterprise to augment our exciting growth trajectory.”

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“We’ve spent significant time examining the landscape and evaluating advanced-AI platforms, and
Kore.ai clearly stood out with its proven enterprise-grade platform capabilities, visionary leadership,
strong R&D focus, established global customer base and clear path to profitability,” said Kapil
Venkatachalam, partner at FTV Capital. “We’re excited to partner with such an experienced and high-
caliber team that consistently delivers world-class innovations, and we look forward to leveraging our
deep knowledge and network to catalyze Kore.ai’s success.”

Market understanding and expertise across diverse use cases

Today, several Fortune 2000 companies across a variety of industry verticals leverage Kore.ai to enhance
their customer, employee and contact center agent experiences and drive measurable ROI. Customers
include leading financial institutions, such as PNC Bank and large global banks, as well as major brands,
such as AT&T, Cigna, Coca-Cola, Airbus and Roche.

Over the past several years Kore.ai has consistently demonstrated over 100 percent year-over-year
growth in revenues. The company automates 450 million interactions a day for about 200 million
consumers and two million enterprise users worldwide. In addition to domestic growth, Kore.ai’s growth
has been fueled by rising demand from emerging markets in Asia Pacific, Europe, LatAm and the Middle
East. As a result, Kore.ai has added new Global 2000 enterprise customers across major verticals.

Kore.ai has been recognized as a leader and an innovator by top analysts, including being named a leader in
Gartner's Magic Quadrant for Enterprise Conversational Al Platforms twice in a row.

About Kore.ai

Kore.ai is a leading provider of advanced AI with a decade of experience in helping enterprises realize business
value through the safe and responsible use of AI. The company’s innovative platform, no-code tools and solutions
are used to deliver end-to-end customer and employee experiences from automated to human assisted and to
build generative AI enabled applications. Kore.ai takes an open approach allowing companies to choose the LLMs
and infrastructure that best meet their business needs. Trusted by over 200 partners and 400 Fortune 2000
companies, Kore.ai helps them navigate their AI strategy. The company has a strong patent portfolio in the AI
space and has been recognized as a leader and an innovator by top analysts. Headquartered in Orlando Kore.ai has
a network of offices to support customers including in India, the UK, Middle East, Japan, South Korea, and Europe.
Visit Kore.ai to learn more.

About FTV Capital

FTV Capital is a sector-focused growth equity investment firm that has raised $6.2 billion to invest in high-growth
companies offering a range of innovative solutions in three sectors: enterprise technology and services, financial
services, and payments and transaction processing. FTV's experienced team leverages its domain expertise and
proven track record in each of these sectors to help motivated management teams accelerate growth. FTV also
provides companies with access to its Global Partner Network®, a group of the world's leading enterprises and

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executives who have helped FTV portfolio companies for two decades. Founded in 1998, FTV Capital has invested
in 139 portfolio companies, including BillingPlatform, Docupace, EBANX, Embroker, LoanPro, LogicSource,
ManyPets, Patra and PlateIQ, and successfully exited/partially exited companies including Enfusion (NYSE: ENFN),
Globant (NYSE: GLOB), InvestCloud (recapitalized), RapidRatings (recapitalized), Strata Fund Solutions (acquired by
Alter Domus), VPay (acquired by Optum) and WorldFirst (acquired by Ant Financial). FTV has offices in San
Francisco, New York, Connecticut and London. For more information, please visit www.ftvcapital.com and follow
the firm on LinkedIn.

Hafeez
+91 9886764261
hafeez@povpublicrelations.com

Afreen
+91 9353242530
afreen@povpublicrelations.com

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