Cognigy, a global omnichannel customer and employee service automation firm with its conversational AI platform Cognigy.AI, announced today it has raised $44m in Series B funding led by global venture capital and private equity firm, Insight Partners, and joined by existing investors DN Capital, Global Brain, Nordic Makers, Inventures and Digital Innovation and Growth.
As part of the round, Insight Partners’ Managing Director Teddie Wardi will join Cognigy’s Board of Directors.
Founded in 2016 in Düsseldorf, Germany, Cognigy’s customers now include global brands such as Lufthansa, Mobily, BioNTech, Vueling Airlines, Bosch, and Daimler. With Cognigy, they are leveraging the power of Conversational AI to pioneer a new era of Customer Service.
“We are thrilled to be leading Cognigy’s Series B as the company continues on their ScaleUp journey,” said 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.”
With the funding, Cognigy plans to accelerate its global customer growth, create new partnerships, and continue to enhance its platform capabilities for companies to speed up enterprise-grade AI adoption.
“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,” says Philipp Heltewig, CEO and Co-Founder of Cognigy. “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.”
Cognigy.AI is strongly focused on Contact Center Automation, combining advanced natural language understanding (NLU) with strong low-code automation and integration capabilities, enabling the automation of conversation on both phone- and chat-channels.
By 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.
As of 2021, Cognigy’s customers have built and deployed thousands of virtual agents in more than 120 languages, leading to significant cost savings and increased customer satisfaction by lowering average handling and wait times and delivering answers quicker, wherever and whenever customers and employees need them.