DRUID Raises $15M in Series A Funding Round

Bucharest, Romania, May 3, 2022 /PRNewswire/ — DRUID, the end-to-end platform for building AI-powered conversational business applications, announces that it has raised a new round of funding. This new $15 million round will serve to fuel its international expansion, by actively recruiting new talent, to support its accelerated growth through Europe and North America. Additionally, DRUID will extend its technology leadership by adding new features to its conversational AI offering and constantly evolving on the user experience promise.

The current funding round was led by Karma Ventures and Hoxton Ventures, joined by GapMinder, which consolidated its position from the previous round, and four other investors from Germany, Swiss, Polandand Romania.

As mobility and digital enablement become ubiquitous in people’s daily lives, entire industries are being pushed towards digital transformation to ensure the customer-centricity needed to thrive in the future. The new business environment that has emerged over the past two years has resulted in rapid acceptance and an ever-increasing need for AI-powered intelligent virtual assistants. DRUID’s conversational AI-powered business applications enable businesses to improve user experience for customers and employees. The company offers businesses unique conversational capabilities and enables intuitive, natural and frictionless digital interactions.

“The new round of funding will be used to further our global reach and ambitious international goals. True to our vision of providing a virtual assistant to every employee, DRUID is a global leader in AI-powered conversational business applications that help organizations to deliver their digital transformation programs. Leveraging our market-validated platform, our goal is to empower businesses around the world to use DRUID solutions to build customer loyalty and drive employee retention for businesses of all We are going beyond the current typical constraints of conversational solutions to create a new product category, Conversational Business Applications (CBA), which will enable AI to successfully drive complex processes and help people get better business results, said Liviu Drăgan, CEO of DRUID.

This investment follows another year of rapid growth for DRUID and aims to pave the way for future progress. DRUID achieved an annual recurring revenue (ARR) growth rate of 3.8x at the end of December 2021 compared to 2020 and has already achieved 2.8x growth at the end of the first quarter of 2022 compared to the same period last year. The new funding will be used to accelerate the company’s international expansion and footprint, and increase the versatility of the platform. Last year, DRUID won the Growth Star award in the Deloitte 2021 CE Technology Fast 50 ranking, with the fastest natural growth rate of 6,753%, over the period 2018-2020. Additionally, DRUID was named a “Hot Vendor in Conversational AI” in the 2021 Aragon Research Report, a Conversational AI Innovator by IDC, and a Major Contender in Conversational AI market by Everest Group (Conversational AI – Technology Vendor Landscape with Products PEAK Rating Matrix® 2021 – August 2021).

“DRUID is our first investment in Romania. UiPath has made the world aware of the great potential of the Romanian tech ecosystem and we are happy to have the opportunity to work with it. Liviu Dragan and his team on another fast-growing software company”said Kristjan Laannemaa, Founding Partner, Karma VC.

“At Hoxton, we support businesses in Europe which can scale globally. We are excited about DRUID’s growth in the US and are confident that with this new funding, it will become the category leader for conversational business applications,” mentioned Hussein Kanjipartner at Hoxton Ventures.

DRUID intends to open new offices in France and Germany, by the end of 2022, and consolidate its existing presence in the United Kingdom and the United States. Human capital is also a critical aspect in achieving the required expansion. Thus, the company intends to make recruitment a strategic priority this year and to strengthen its global team by 60%. Starting in 2019, DRUID was the first company to give voice to RPA bots, adding conversational skills to the world’s first hyper-automation platform through its global alliance with automation market leader UiPath business process robotics. Continuing its development, DRUID will continue to integrate with leading RPA technology vendors. Strategic connections and a global network of more than 130 partners enable the rapid application of DRUID technology in any country. As a partner-focused organization, DRUID’s goal is to empower its partners and achieve the benchmark of 1,000 customers served globally by 2024.

About DRUID

DRUID is an end-to-end platform for building AI-powered conversational business applications, designed to deliver next-level employee productivity and the total customer experience in the most intuitive way. DRUID intelligent virtual assistants enable fast, personalized, omnichannel, and hyper-automated interactions while speaking the language of every organization through open integrations with all existing enterprise systems and RPA technologies. Launched in 2018, DRUID is actively building on its vision of providing every employee with an intelligent virtual assistant, establishing an extensive network of more than 130 partners, including with UiPath, and serving more than 100 customers worldwide.
https://www.druidai.com/

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