Romanian chatbot developer Druid gets USD 2.5 mln under Serie A financing round
Druid, a Romanian startup specialized in developing intelligent virtual assistants (chatbots) for Enterprise organizations, has raised USD 2.5 mln through a Series A financing round.
Local venture capital fund GapMinder Ventures led the funding round, with an investment of USD 2.2 million. The rest of the money came from Early Game Ventures and private investors.
Druid has become one of the best-capitalized startups in Romania, with total investments worth USD 5.8 mln raised since its launch in 2018.
"We will use the new round of financing to launch new conversational automations, develop artificial intelligence components further, and 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 Druid founder and CEO Liviu Dragan.
The startup has a global partnership with Romanian-born robotic processing automation (RPA) leader UiPath, whose goal is to deliver a software robot for every person.
Druid's recurring revenues increased by 580% in 2020 compared to 2019, according to the company, which hasn't released the revenue level.
The company also cites a Marketsandmarkets study that estimates the market for conversational solutions based on artificial intelligence will grow by an average rate of 22% over the next four years to reach USD 13.9 billion in 2025.
The large organizations' focus on superior customer interaction throughout any digital communication channel has accelerated the demand for smart virtual assistants. Smart virtual assistants also help employees quickly and relevantly access relevant information from several computer systems and increase productivity.
Available in over 45 languages, Druid offers hundreds of conversational templates that serve specific roles and processes within any industry.
(Photo source: the company)