Cognigy secures USD 100 million in Series C financing

Cognigy secures $100 million to enhance customer service automation through AI agents and extend its technology leadership

Düsseldorf, June 11, 2024 - Cognigy, a provider of AI-powered customer service automation, has closed a $100 million Series C funding round. The round was led by lead investor Eurazeo, with additional participation from Insight Partners, DTCP and DN Capital. The new funds are intended to further expand Cognigy's growth and technology leadership.

Business model

Cognigy was founded in Düsseldorf in 2016 by Philipp Heltewig, Sascha Poggemann and Benjamin Mayr. The company offers an AI platform that enables companies to develop and operate AI agents for their customer service and analyze their performance. Major brands such as the Lufthansa Group, Toyota, Mercedes Benz and Bosch use Cognigy to offer their customers personalized and cross-channel support.

AI agents are part of a new movement and offer immense potential for automation in customer service. Our solutions enable efficient and personalized customer interactions

Philipp Heltewig, CEO and co-founder of Cognigy

Cognigy's AI agents combine Generative AI and Conversational AI. They can process numerous service requests simultaneously, freeing up human employees to focus on more complex requests. During these conversations, the AI agents support employees with helpful information in real time. This increases efficiency and customer satisfaction.

In the last twelve months, hundreds of millions of interactions have been handled on the Cognigy platform. According to Gartner, the market for conversational AI is expected to grow to 36 billion US dollars by 2032. Cognigy plans to invest the new financial resources in global expansion and the further development of its technologies.

Investor voices

Raluca Ragab from Eurazeo Growth says: "Cognigy has developed a platform that, together with human service agents, enables highly effective customer service. We are excited to support Cognigy in revolutionizing customer service."

Teddie Wardi of Insight Partners added: "Cognigy's innovative technology and strong leadership team uniquely position the company to lead the customer service automation market. We support their vision and growth."

Global brands such as Lufthansa, Toyota and ERGO rely on Cognigy and praise the effectiveness and added value of the AI agents. Cognigy thus remains a major player in the field of AI-powered customer service automation.