European AI startup Druid has secured $30 million in a Series B funding round, with a focus on expanding its presence and operations in the United States. The funding will enable Druid to further develop its conversational business applications, leveraging both traditional conversational AI models and generative AI capabilities powered by ChatGPT.
Key Takeaway
Druid’s $30 million Series B funding will fuel its expansion and focus on U.S. growth. The integration of ChatGPT enhances Druid’s conversational AI platform with a vast knowledge base, enabling businesses to automate and improve customer support.
Expanding Conversational AI Solutions for Businesses
Druid, founded in Romania in 2018, offers conversational AI solutions that empower businesses to automate customer support and handle a range of use cases. Through its platform, companies can train conversational assistants to provide 24/7 customer support, even when human personnel are unavailable.
While there are similar companies in the market, such as Cognigy and Amelia, Druid stands out by integrating ChatGPT into its platform. This collaboration with Microsoft enables Druid to provide customers with access to a vast knowledge base for handling general customer queries. The integration also enhances Druid’s ability to understand customer intent through language analysis.
Complementing Existing Conversational AI Tools
While ChatGPT and similar models like it have their limitations, Druid emphasizes that they complement its existing conversational AI tools rather than replace them. The company positions ChatGPT as an extension of its powerful engine, enabling quick generation of answers for generic queries.
Druid’s platform can be hosted on-premises or in the cloud, providing flexibility for companies that require full control over their data. Through APIs, Druid also facilitates integration with existing systems, such as customer relationship management and human resources information systems.
Continued Growth and Shift in Headquarters
Having previously raised $20 million, including a $15 million Series A round, Druid plans to expand its global footprint with a particular focus on the U.S. market. The company has 150 employees globally, with a majority based in Bucharest and others spread across Melbourne, Austin, and London. With the increase in U.S. revenue, Druid intends to relocate its headquarters to Austin in the near future.
The Series B funding round was led by TQ Ventures, an investment firm based in New York. European investors, including Smedvig Capital, GapMinder, Hoxton Ventures, and Karma Ventures, also participated in the round.
