DRUID, a global leader in conversational AI technology, announced that it has successfully secured €28 million in a Series B funding led by TQ Ventures, with participation from new investor Smedvig Capital and existing investors GapMinder, Hoxton Ventures and Karma Ventures. The funding will be used to accelerate DRUID’s international expansion and grow its footprint in the US market, which accounts for 60% of its current revenue.
DRUID’s platform gives enterprises the tools to build and design conversational business applications (CBA) to provide the most natural employee and customer experience which can be applied in any existing technology environment without replacing prior investments in ERP, CRM, RPA or other digital tools. DRUID’s recent integration with ChatGPT, via Microsoft’s Azure OpenAI Service, makes generative AI enterprise-ready and secure.
“DRUID has taken advantage of recent advancements in generative AI, especially when seamlessly integrated into our conversational business applications platform. This dynamic synergy stands poised to ignite a new era of productivity and tangible business outcomes. Bolstered by our investors, we are now uniquely positioned to harness the ongoing revolutionary transformation and offer technology solutions that empower our customers to unlock maximum value,” said Liviu Dragan, CEO of DRUID.
The new financing round comes on the heels of DRUID’s continued growth and development. In 2022, DRUID increased its annual recurring revenue by 2.5 times compared to 2021 and is predicting a further growth of 3 times this year. Back in May 2022 they also raised a €14.2 million round.
Founded in Romania in 2018, DRUID has grown its global team by 60%, DRUID has on boarded a few key ex-UiPath executives in strategic roles notably Kedar Dani, ex-Global VP to design and assist with the execution of the go-to-market, Vargha Moayed, ex-Chief Strategy Officer as strategic advisor to the CEO and Mihai Faur, CIO UiPath as independent board member.
“Amidst all the hype and noise around conversational AI and Generative AI, DRUID stood out for us as the company with a platform that is at the forefront of innovation. This has been validated by their clients and analysts alike. We are extremely excited to lead this round and be a partner to Liviu and the DRUID team on this journey,” said Schuster Tanger, Managing Partner at TQ Ventures.
Furthermore, DRUID’S CBA enhances Conversational AI’s technological abilities with the power to understand the business context, trigger intelligent actions thus providing a conversational layer that brings them closer to users and makes them easier to use across multiple channels to streamline the successful completion of business tasks.
Several industry leaders have already implemented DRUID’s technology with exceptional results. Kmart, Liberty Global, Texas Children’s Hospital, White Castle, NHS, Auchan, Georgia Southern University, Société Générale, Erste Group, BNP Paribas, Axa, and more have integrated DRUID’s Conversational Business Applications platform, experiencing significant improvements in both customer engagement and employee efficiency.
These organizations have reported enhanced customer satisfaction, reduced wait times, and increased issue resolution rates. Moreover, employees have found themselves freed from repetitive tasks, allowing them to focus on more strategic and meaningful responsibilities, resulting in heightened job satisfaction and efficiency.
