The investment, led by Insight Partners, will enable Cognigy to expand its global footprint becoming the platform of choice for accelerating enterprise-grade AI adoption worldwide
Düsseldorf, Germany / San Francisco / Sydney / London – Cognigy, a global leader in omnichannel Customer and Employee Service Automation with its Conversational AI platform Cognigy.AI, announced today it has raised $44 million 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 Mr. 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 market-leading 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. The low-code platform is built on the premise that any user could build cognitive bots without extensive coding experience and equips business users, conversation designers, data scientists and developers with an intuitive visual interface that makes designing and deploying multilingual virtual agents of varying complexity a breeze.
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.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.