Funding | Feb 16, 2024
Image: PayPal Ventures press releasePayPal Ventures Invests in Rasa’s Growth, Series C Funding
Announced Feb 14, 2024, PayPal Ventures, alongside StepStone Group, leads a $30 million Series C funding round for Rasa, marking a significant endorsement of Rasa’s conversational AI technology. Other investors include Andreessen Horowitz (a16z), Accel, and Basis Set Ventures.
Rasa’s platform, known for its generative conversational AI, combines the flexibility of Large Language Models (LLMs) with traditional chatbot reliability, offering nuanced and coherent user interactions. The funding will fuel Rasa’s technological advancement and market presence expansion, with a focus on hiring across North America and Europe.
With over 50 million downloads, Rasa’s AI solutions are trusted by the world’s top banks, insurers, and hospitality brands, showcasing its capability to transform customer service.
See: Amazon Launches ‘Q’ AI Chatbot for Businesses
This strategic investment by PayPal Ventures into Rasa not only underscores the potential of conversational AI in enhancing customer engagement but also marks PayPal’s venture into AI with the launch of its new AI Fund. Rasa’s innovative approach to AI-driven conversations aims to redefine how businesses interact with their customers, making every interaction impactful and personalized. The investment will enable Rasa to continue its mission of empowering businesses with AI, ensuring user interactions remain coherent and natural while reducing development time and costs.
Dr. Alan Nichol, Rasa Co-Founder and CTO:
“At Rasa we’ve reinvented how conversational AI works. While many in the industry claim to incorporate generative AI, often it’s merely an addition of LLMs onto their existing platforms.”
Rasa’s impact is evident across various sectors, powering AI assistants for two of the world’s top three banks, major insurers, and leading companies in the travel and hospitality industry. The platform’s success is attributed to its ability to automate or eliminate costly aspects of customer service, offering a low-code platform that ensures robust functionality, data privacy, and scalability.
See: Morgan Stanley is Launching a Wealth Management AI Chatbot
Hunter Somerville, Partner at StepStone Group:
“We believe Rasa delivers unparalleled value to its clients by automating or eliminating the most expensive and time-consuming aspects of delivering excellent customer service. Rasa has proven time and again that security-conscious enterprise customers can safely deploy the latest conversational AI, with an elegant low-code platform that offers robust functionality, data privacy, and scale.”
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- Source: https://ncfacanada.org/paypal-ventures-co-leads-30-million-in-ai-pioneer-rasa/
