Cognigy has raised $100 million in Series C funding to improve its AI-powered automation of customer service and grow around the world.
Cognigy, a new company that uses AI to automate customer service, has raised $100 million in Series C funding. The round was led by Eurazeo Growth, which had already invested in Futura and Aqemia. Other investors, such as Insight Partners, DTCP, DN Capital, and others, also took part.
With the new funds, Cognigy will be able to speed up its plan to provide AI-first customer service on a large scale and expand around the world. The new funding round will also be used to improve the company’s research and development in Conversational AI and Generative AI, which will allow the creation of smarter and more user-friendly customer service systems.
This news comes after years of triple-digit growth for Cognigy, which was caused by rising demand in all markets. There have been hundreds of millions of interactions on Cognigy’s site in the past year, which is a huge jump in the number of people using it. It was started by Sascha Poggemann, Benjamin Mayr, and Philipp Heltewig in 2016. Its AI-first strategy uses both Conversational and Generative AI to provide pre-trained AI Agents that handle a lot of customer requests at once. This lets business leaders in charge of customer service focus their limited human resources on talks that are very important. As well as helping customers, the same AI Agents can also be Agent Copilots, helping human agents right away and in the right context and automating chores like ending calls.
Dependence on Enterprise-Grade AI Platforms
Many big companies, like Lufthansa Group, Bosch, Frontier Airlines, Virgin PulseBosch, Toyota, Mercedes-Benz , and TechStyle Fashion Group , depend on the company’s enterprise-grade AI platform to build, run, and analyse their advanced AI Agent workforce.
Businesses put a lot of effort into providing great customer service, which is one of the problems that technology has not been able to solve yet. EURASEO Growth’s Managing Director and Head of UK and DACH, Raluca Ragab, said that Cognigy’s enterprise-grade coordination layer for AI Agents works with human agents to provide excellent, personalised service across all channels.
As part of our research, we talked to a lot of Cognigy customers. Without exception, they all said they would suggest the company because the platform lets them reach a very high level of automation (70%+) across millions of conversations with no latency, which is hard to do. We’re happy to help Cognigy grow around the world and reach its goal of revolutionising enterprise conversation automation. This investment fits perfectly with our Eurazeo Growth plan of helping European AI leaders grow to become global leaders in their fields, said Romain Mombert, Director of Eurazeo Growth.
We still think that Cognigy’s AI-first approach to customer service has a lot of promise, said Teddie Wardi, Managing Director at Insight Partners. Top rankings in Gartner and Forrester’s Conversational AI reports show that Cognigy is the market leader in enterprise customer service automation thanks to its cutting-edge technology and strong leadership team. It makes us happy to keep supporting Cognigy’s goals and growth.
