German startup Cognigy which is a global leader in omnichannel Customer and Employee Service Automation with its Conversational AI platform Cognigy.AI has now pocketed $44 million (nearly £31 million) in Series B funding.
The investment round was led by global venture capital and private equity firm, Insight Partners alongside DN Capital, which led the company’s Series A round in 2019. Others including Global Brain, Nordic Makers, Inventures and Digital Innovation and Growth also took part in the funding round.
How will it use the funds?
Cognigy will use the funds to accelerate its global customer growth, create new partnerships, and continue to enhance its market-leading platform capabilities for companies to speed up enterprise-grade AI adoption. With growth plans, the company opened its UK office in London a couple of months back.
Philipp Heltewig, CEO and Co-Founder of Cognigy, said: “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. 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.”
Guy Ward Thomas, Investor at DN Capital, Board Director at Cognigy, said: “This investment round confirms Cognigy’s status as the leading global platform for enterprise conversational automation, and will enable the company to scale new heights in product leadership.”
Appoints new Board of Director
Apart from the investment round, Cognigy has appointed Insight Partners’ Managing Director Teddie Wardi as one of its Board of Directors.
“We are thrilled to be leading Cognigy’s Series B as the company continues on their ScaleUp journey,” said Mr. Wardi. “Evident by their strong customer retention, Cognigy has created an essential product for global businesses to improve their customer experience in an efficient and effortless manner. With the new funding, Cognigy will be able to expand their leadership position to reach new markets and acquire more customers.”
New era in customer service!
Founded in 2016 in Düsseldorf by Philipp Heltewig and Sascha Poggemann, Cognigy.AI focuses on Contact Centre Automation. It combines advanced natural language understanding (NLU) with strong low-code automation and integration capabilities, thereby enabling the automation of conversation on both phone and chat channels.
Its low-code platform is built so that any user could build cognitive bots sans extensive coding experience and equips business users, conversation designers, data scientists, and developers with an intuitive visual interface. This makes designing and deploying multilingual virtual agents of varying complexity a breeze.
Combining these capabilities with analytics, live chat, and advanced API orchestration, Cognigy.AI is the platform of choice for many global enterprises to automate business processes ranging from customer service over HR and ITSM automation to outbound call scenarios.
Currently, Cognigy’s customers have built and deployed thousands of virtual agents in more than 120 languages. Its clientele includes global brands such as Lufthansa, Mobily, BioNTech, Vueling Airlines, Bosch, and Daimler. It lets customers pioneer a new era of Customer Service.