Insight Partners-backed Cognigy has secured $15 million of investment by DTCP, which is earmarked to further accelerate the conversational AI firm’s global growth by expanding its customer base and entering new markets worldwide.
The additional round brings the total Series B funding for the Cognigy, global leader in omnichannel customer service automation, to $59 million. Capitalizing on hypergrowth and a strong demand for its technology and services, Cognigy will leverage the new investment to cement its position as a leader in the $6.8 billion global conversational AI market and enhance its platform capabilities to speed the adoption of conversational AI platforms for enterprises worldwide.
“Closing the extended round with DTCP’s investment is another big step forward as we expand operations in Europe, North America and the Asia Pacific region and support a growing network of partners and strategic alliances. Their extensive digital connectivity expertise and strong global network complement our market-leading technology and expanding global footprint to bring the transformational power of conversational AI to customer service,” said Philipp Heltewig, CEO and Co-Founder at Cognigy (pictured).
With Cognigy.AI, Cognigy has developed a powerful conversational AI platform for building voice and chatbots for customer service and employee communication automation. The low code platform enables all users from experts to users with no technical background to create human-like virtual agents and to offer them in over 100 languages.
“We are happy to lead Cognigy’s Series B extension round and to support the team on its mission,” said DTCP Partner Thomas Preuß. “The powerful conversational AI platform, which makes intelligent and virtual assistants more accessible to customers and employees, is a must-have product for businesses worldwide. Cognigy is a global technology leader and will enable a mass adoption of AI powered bots through its easy deployment, fast time to value, deep integrations, numerous ROI-heavy use-cases and a robust no-code usability. We are convinced that Cognigy can further extend its leadership position in the market and look forward to supporting the company in the next phase of growth as an investor.”
Cognigy raised $44 million in Series B funding in June 2021 in a round led by global venture capital and private equity firm Insight Partners, who were joined by existing investors: DN Capital, Global Brain, Nordic Makers, Inventures and Digital Innovation and Growth. As part of the initial round, Insight Partners’ Managing Director Teddie Wardi joined Cognigy’s Board of Directors. At the time, Wardi said: “We are thrilled to be leading Cognigy’s Series B as the company continues on their ScaleUp journey. 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.”
Speaking at the time of the initial funding round, Cognigy’s Heltewig had 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.”
About Cognigy
Cognigy is a global leader in omnichannel Customer Service Automation. Intelligent voice and chatbots powered by its Conversational AI platform help businesses improve service quality, reduce operational costs, and support teams across the enterprise. Cognigy’s award-winning AI understands user intents precisely and enables natural dialogs in over 100 languages. Easily scalable and pluggable, its low-code platform automates business processes through integrations into backend systems, operates as SaaS and on-premise, and is GDPR compliant. Cognigy’s worldwide client portfolio includes BioNTech, Bosch, Fidelity Life, Lufthansa Group and 500+ other brands. Learn more at cognigy.com.
