Cognigy secures €100 Million in a series C round to boost AI Automation globally

Cognigy, a global pioneer in AI-first customer service automation, today announced that it has secured €100 million in Series C funding.

Eurazeo Growth led the financing, including participation from existing investors Insight Partners, DTCP, and DN Capital, among others. The additional capital will help Cognigy advance its objective of providing AI-first customer service at scale.

Cognigy offers a market-leading enterprise-grade AI platform for developing, operating, and analyzing the advanced AI Agent workforce that many major brands, including Lufthansa Group, Virgin Pulse, Frontier Airlines, Bosch, Toyota, TechStyle Fashion Group, and Mercedes-Benz, rely on to provide exceptional customer service.

Cognigy’s AI-first strategy combines conversational and generative AI to provide pre-trained AI agents capable of resolving high-volume client demands on a large scale. This enables enterprise customer service leaders to focus their limited human resources on high-value discussions. The same AI Agents who serve end consumers also serve as Agent Copilots, giving instant and contextual help to human agents and automating routine chores like call wrap-up.

This statement comes after years of triple-digit expansion for Cognigy, backed by increased market demand across all industries. Cognigy’s platform has seen a tremendous increase in usage over the last year, with hundreds of millions of interactions handled.

Philipp Heltewig, Cognigy’s co-founder and CEO, commented:

“The market opportunity for AI-first customer service is immense. Enterprises from all industries recognize the critical need for efficient, scalable, and personalized customer interactions. Moreover, our platform deploys and operates AI Agents that transform the customer service environment, giving businesses the capabilities they need to surpass customer expectations and build loyalty. Additionally, this money will allow us to grab this opportunity, broaden our global reach, and continue to improve our platform to meet our clients’ evolving demands.”

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Gartner expects the Conversational AI market to generate $36 billion in sales by 2032, up from $8.2 billion in 2023. In addition to fueling Cognigy’s global expansion, the new capital round will be used to strengthen Cognigy’s research and development efforts in Conversational AI and Generative AI, allowing for the creation of more sophisticated and intuitive customer service solutions, as well as the acceleration of cutting-edge AI-first technologies that deliver tangible ROI.

Romain Mombert, Director of Eurazeo Growth, stated:

“As part of our research, we met with a significant number of Cognigy clients, and without exception, they all said they would suggest Cognigy since the platform allows them to achieve a very high level of automation (70%+) across millions of conversations with no latency, which is extremely difficult to do. Further, we are happy to support Cognigy’s global expansion and ambition to transform enterprise conversation automation. This investment is perfectly aligned with our Eurazeo Growth goal of supporting European AI champions and growing them into worldwide category leaders.”

Teddie Wardi, Managing Director of Insight Partners, said:

“We continue to see tremendous potential in Cognigy’s AI-first approach to customer service. Moreover, Cognigy’s breakthrough technology and excellent leadership team have established it as a market leader in enterprise customer service automation, as indicated by high rankings in Gartner and Forrester’s Conversational AI surveys. We are excited to keep supporting Cognigy’s mission and growth.”

Image Credit: Cognigy