Rasa’s $30M Boost: PayPal-Backed AI Pioneer Set to Revolutionize Conversations

Rasa, a conversational artificial intelligence (AI) platform for enterprises backed by PayPal, has successfully raised $30 million in a Series C funding round. The company aims to revolutionize how businesses utilize generative AI-powered chat and voice platforms on a large scale. Rasa’s CEO, Melissa Gordon, envisions transforming customer interactions, making each conversation impactful and personalized. The funding will be directed towards advancing technological leadership and strengthening market presence.

Rasa’s open and extensible conversational AI drives AI assistants aligned with clients’ business logic, offering meaningful and practical user engagement. Boasting clientele including two of the world’s top three banks, major insurers, global travel and hospitality companies, and other prominent brands, Rasa has proven its solutions’ effectiveness.

The Series C funding, co-led by StepStone Group and PayPal Ventures, underscores Rasa’s track record of securely deploying conversational AI for enterprise customers. The low-code platform emphasizes functionality, data privacy, and scalability. The additional funding will facilitate team expansion, encompassing roles in marketing, sales, engineering, and customer success across North America and Europe.

With our technology, we’re well-positioned to transform how businesses interact with their customers, making every conversation impactful and personal. We will use the funding to advance our technological leadership and strengthen our market presence.

This investment accelerates our lead in the market, and fuels our drive to redefine what is possible for businesses using generative AI-powered chat and voice platforms at scale.

said Melissa Gordon, Rasa CEO.

At Rasa we’ve reinvented how conversational AI works. While many in the industry claim to incorporate generative AI, often it’s merely an addition of LLMs onto their existing platforms.

said Dr. Alan Nichol, Rasa Co-Founder and CTO.

We believe Rasa delivers unparalleled value to its clients by automating or eliminating the most expensive and time-consuming aspects of delivering excellent customer service. Rasa has proven time and again that security-conscious enterprise customers can safely deploy the latest conversational AI, with an elegant low-code platform that offers robust functionality, data privacy, and scale.

said Hunter Somerville, Partner at StepStone Group.

Hunter Somerville, a partner at StepStone Group, commended Rasa’s ability to provide secure conversational AI for enterprise customers. Alan Du, partner at PayPal Ventures, emphasized Rasa’s best-in-class platform for developing robust conversational AI, noting its positive impact on customer engagement and business performance.

The broader adoption of generative AI has shifted the technological landscape, allowing users to engage with computers more seamlessly. Conversational AI, as seen in the rise of call center technology and automation, is enhancing customer service experiences. Rasa’s latest funding round positions the company to continue its impactful contributions to the evolving landscape of conversational AI for enterprises.

Sources: Pymnts, Paypal.