Rasa, a San Francisco-based startup focusing on enhancing enterprise customer service with generative AI, recently secured $30 million in a series C funding round co-led by StepStone Group and PayPal Ventures. This investment, supported by Andreessen Horowitz, Accel, and Basis Set Ventures, comes as Rasa looks to enhance its product and expand its market presence. Known clients of Rasa include big names like Adobe, Orange, Dell, and American Express.
Founded in 2016 by Alex Weidauer and Alan Nichol, Rasa initially gained attention for its open-source framework enabling the development of chat and voice assistants proficient in multiple languages and business logic. Over the years, Rasa evolved this framework into a comprehensive enterprise-grade platform, attracting clients like American Express, Deutsche Telecom, and Adobe. The recent launch of Rasa Pro, an infrastructure offering incorporating Conversational AI with Language Models (CALM), has driven further growth and recognition within the enterprise sphere.
Rasa’s platform, with its focus on enabling robust conversational interactions, has gained traction across sectors, particularly in finance and banking where AI assistants assist end-users with various tasks from account management to card replacements. As the company’s revenue nearly doubled last year, Rasa aims to leverage the latest funding to bolster research and development efforts and strengthen its enterprise product portfolio.
While facing competition from well-funded players like Yellow AI, Aisera, Cognigy, and Kore AI in the conversational AI space, Rasa stands out through its customer-centric approach and customizable solutions. With the conversational AI market projected to reach nearly $30 billion by 2028, the influx of funding will enable Rasa to further innovate in delivering cutting-edge conversational AI technology and widen its market reach.
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