Conversational AI Company Rasa Raises $26 Million In Funding

Conversational AI Company Rasa Raises $26 Million In Funding

by NeoTech Post

Rasa Technologies, a provider of an enterprise-grade platform for developing contextual assistants at scale, announced the completion of a Series B financing round totaling $26 million. 

Andreessen Horowitz, a venture capital firm, led the round with participation from its Cultural Leadership Fund. Existing investors Accel, 468 Capital, Basis Set Ventures, and Mango Capital also participated. 

Including the latest round, Rasa Technologies has raised $40 million to date. Rasa intends to use the funding to invest in continuing growth in their open source and other products, AI research, developer & community education, and to better serve their growing commercial customer base. 

In addition to the investment, Martin Casado, General Partner at Andreessen Horowitz, will join Rasa’s Board of Directors. 

While enterprises are looking to incorporate chatbots in their automation strategy, the task of building an effective contextual assistant can be complex. Many chatbot companies provide ‘black box’ technology and simple drag & drop interfaces. But, Rasa believes that leading-edge Natural Language Processing (NLP) research, machine learning, and flexible infrastructure are required to develop great conversational AI applications.

“A simplistic chatbot might be easy, but a resilient, fully contextual assistant that works is not,” said Alex Weidauer, Rasa’s CEO & co-founder. “Rasa is committed to supporting the developer in creating robust, mission-critical bot applications, through better research, investment in open source software, superior developer tools, and education, and flexible on-prem or cloud deployment.” 

Rasa provides the standard infrastructure for conversational AI, providing the tools required to build better, more resilient contextual assistants. 

The company’s suite of conversational AI offerings includes:

  • Rasa Open Source is an open source software in conversational AI. 
  • Rasa X, a free toolset that helps developers quickly improve and share an AI assistant built with Rasa Open Source. 
  • Rasa Enterprise, the company’s commercial offering, providing an enterprise-grade platform for developing contextual assistants at scale.

Rasa works with product teams at some leading companies, such as Deutsche Telekom, Adobe, BMW, Airbus, ENGIE, HCA Healthcare, and Orange. Utility company ENGIE uses Rasa to streamline HR processes with a conversational AI assistant. 

The conversational AI market is growing significantly among enterprises. “According to Gartner‘s 2019 CIO Agenda, 31% of enterprise CIOs have already deployed conversational platforms. This represents a 48% year-over-year growth in interest and points to conversational platforms taking center stage in enterprises’ adoption of AI,” as stated in the Gartner Market Guide for Conversational Platforms.

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