• Cognigy reports that its platform handles hundreds of millions of contact center interactions annually for the enterprises within its user network.
  • As per the company, LLMs enable personalized chatbot responses by leveraging customer-provided information in support queries.

Recently, the creator of an AI platform aimed at enhancing contact center efficiency, Cognigy GmbH, has secured USD 100 million in a funding round.

Eurazeo Growth led the Series C funding round, with participation from Insight Partners, DTCP, DN Capital, and a host of other backers. This funding round comes after several years, during which Cognigy, headquartered in Düsseldorf, reports experiencing “triple-digit” growth.

“The market opportunity for AI-first customer service is immense. Enterprises across all industries are recognizing the critical need for efficient, scalable, and personalized customer interactions,” said Chief Executive Officer of Cognigy, Philipp Heltewig.

Cognigy’s platform is utilized by Toyota Motor Corp., Nestlé S.A., and approximately 170 other firms to develop AI-driven help desk assistants. These assistants are capable of addressing typical customer inquiries and automating specific support duties like refund processing. Cognigy claims that its platform handles hundreds of millions of contact center interactions annually for the enterprises within its user base.

Using a low-code interface, customers develop AI assistants. This interface enables customization of the chatbot’s messages and configuration to execute tasks within a company’s internal applications. For instance, a retailer could set up its chatbot to synchronize data regarding product return requests with its inventory management system.

Cognigy employs large language models to drive certain features of its platform. As per the company, these models enable the customization of chatbot responses based on the details provided by customers in their support requests. If a user poses a question that cannot be automatically addressed, Cognigy’s AI agents can direct the inquiry to a member of the help desk team.

The company has developed various productivity tools for support representatives. According to Cognigy, its platform streamlines processes by automatically accessing a customer’s previous support tickets and any other necessary information for handling help desk requests. Additionally, the integrated AI models can leverage this customer data to create personalized upsell offers.

Cognigy’s platform includes a third set of capabilities that are intended to assist contact center managers in identifying areas that require improvement. The centerpiece of the feature set is an analytics dashboard that monitors key performance indicators (KPIs) like the typical time spent handling customer support tickets. More specific information is also provided by Cognigy, such as the rationale behind a particular user’s decision to back out of a transaction.

Utilizing the recently disclosed USD 100 million funding, the company aims to bolster its platform’s AI capabilities. As reported by a leading media house, Cognigy intends to recruit 75 employees by the end of the year to facilitate this initiative. Additionally, the company plans to expand its market presence in North America.