Conversational Al startup Cognigy announced that it closed a $44 million Series B funding round led by Insight Partners, which brings the company’s total raised to over $50 million to date. Heltewig, Cofounder and CEO Philipp says that the proceeds will be put toward accelerating customer growth, creating new partnerships, and continuing to enhance Cognigy AI platform.
The Conversational Al startup Cognigy was founded in 2016 in Düsseldorf, Germany. The company provides a low-code platform that enables customers to create text and voice virtual agents. From a graphical conversation editor, users can manage the conversational flow of chatbots, developing experiences across a range of channels including the web, WhatsApp, Amazon Alexa, and more.
A spokesperson said that Heltewig and former communications engineer Sascha Poggemann recognized a strong need for enterprises to adopt mature language technologies five years ago. With their combined knowledge in enterprise software and communication, they built Cognigy to what it’s known for today: an AI-first, self-service automation solution for large enterprises, especially in customer service.Cognigy Snapshot capability, meanwhile, orchestrates the packaging and migration of virtual agents and NLU models. Snapshots can be used in combination with a command-line interface to automate processes like roll-out, external backup, or bot configuration.
Al startup Cognigy, which has more than 100 employees, occupies a chatbot market that’s anticipated to be worth $142 billion by 2024, according to Insider Intelligence, up from $2 billion in 2019. Gartner predicts that over 50% of enterprises will spend more per annum on chatbot creation than mobile app development by this year. Juniper Research expects that 75% to 90% of customer queries will be handled by chatbots within the next year.