Bucharest-based conversational AI platform for enterprises Druid has raised $30 million in a Series B round led by TQ Ventures, it announced in a statement today. The round was also joined by new investors Smedvig Capital, Endeavor, and Verve Ventures, and existing investors GapMinder, Hoxton Ventures and Karma Ventures. The round takes company’s total financing to $50 million. It had raised $15 million in a Series A last year.
Founded in 2018 by Liviu Drăgan, Druid’s no-code platform enables organizations to create what it terms “Conversational Business Applications” or chatbots. The platform can be utilized by organizations, for example, to automate repetitive sales tasks for their employees or automate processes like order processing, delivery tracking, and providing product suggestions to customers.
According to the information available on its website, Druid’s ‘intelligent virtual assistants’ enable personalized and hyper-automated interactions with customers and employees and are able to integrate with any existing enterprise systems and Robotic Process Automation (RPA) technologies.
The platform has use cases in a wide range of fields, including human resources, sales, retail, education, and healthcare.
Its platform, the company claims, has helped organizations enhance customer satisfaction, reduce wait times, and increase issue resolution rates, “Freeing employees from repetitive tasks allows them to focus on more strategic and meaningful responsibilities, resulting in heightened employee efficiency and satisfaction as well as overall team morale,” noted a statement by the company.
What sets Druid apart from many other chatbot builders is its recent integration with ChatGPT. This integration enables Druid’s customers to tap into ChatGPT’s knowledge to handle customer questions more effectively and gain a better understanding of the questions, particularly their intent.
Liviu Drăgan, Founded and CEO of the company, said, “Druid capitalizes on recent advancements in Generative AI, which seamlessly integrate into our Conversational Business Applications platform. We believe our platform will, for large international enterprises, ignite a new era of productivity and tangible business outcomes.”
Schuster Tanger, co-managing partner at TQ Ventures, said, “Amid the fanfare around Conversational and Generative AI, Druid stood out to us as a category leader. We were pleased to discover through our research how much current customers value the platform and how large a problem Druid is solving for prospective customers.”
The startup plans to use the latest funds to continue accelerating its international expansion with a focus on the United States, where it currently derives more than 60 percent of its revenue.
