Bucharest-based DRUID snaps up €2 million to expand its conversational tech internationally

The Romanian startup DRUID, a company specialized in developing intelligent virtual assistants (chatbots) for businesses, today announces a new funding round of around €2 million.

The round was led by the GapMinder investment fund, as well as being participated in by Early Game Ventures and private investors. With these new funds, DRUID’s total investments hit around €4.7 million since its launch in 2018.

The demand for smart virtual assistants has accelerated recently, as organizations further digitalise and are increasingly focusing on superior online customer interactions. Smart virtual assistants use natural language to take charge of virtually any information or document in an organization’s systems. DRUID’s technology allows companies to quickly develop these intelligent virtual assistants, saving time and money by automating simple but time-consuming employee activities and improving the user experience through fast and smart responses. Available in over 45 languages, DRUID offers hundreds of conversational templates that serve specific roles and processes within any industry.

Recurring DRUID revenues increased by 580% in 2020 compared to 2019, in a market context in which conversational solutions driven by AI are forecasted an average growth rate of 22% over the next four years, reaching around 11.4 billion in 2025, according to a Marketsandmarkets study.

“We are driven to invest in technology companies uniquely positioned to grow exponentially. DRUID’s technology is transformational in its ability to provide true conversational solutions assisted by artificial intelligence for internal and external processes on a large variety of verticals, allowing a high level of pre-integrations with many platforms. This new technology is inexpensive and versatile, ultimately enabling massive cost savings and growth stimulators for Enterprises that intend to accelerate their digital transformation. We are proud to become part of a journey that will shape the future of conversational solutions, and we are happy to be with the entrepreneurs who developed this startup”, said Dan Mihaescu, Founding Partner of GapMinder VC.

“The new round of financing will be used to launch new conversational automations, to further develop artificial intelligence components, and to accelerate international expansion. DRUID’s ambition is to become the most important conversational AI provider from Europe and to deliver a virtual assistant for every employee. We are incredibly confident and motivated to amaze the whole world with our technology”, said Liviu Drăgan, CEO of DRUID.