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The European startup is expanding its US presence with $30 million in new funding
For many, ChatGPT has become a regular go-to tool for quick but thorough information. Naturally, this has spilled over into work, which has led companies including Amazon and Apple to restrict their employees from using ChatGPT over data leak concerns. But there are safe ways to incorporate the tool into business, and this European startup aims to do just that.
Druid is developing a customized conversational assistant for businesses based on both the traditional AI algorithm and the generative AI from ChatGPT. Thanks to its partnership with Microsoft, Druid is integrating ChatGPT through the Azure OpenAI Service into its conversational AI platform.
And it promises data safety by using content encryption algorithms, plus an extra layer of security on top of that, including biometric authentication and liveness detection, user permissions, and access control.
“Unique mechanisms safeguard enterprise data, ensuring it does not influence the AI model and preserving data integrity. The solution is meticulously engineered to eliminate AI hallucinations, guaranteeing reliable and contextually appropriate responses,” Druid said in a July statement.
This week, Druid celebrates raising $30 million as part of its Series B round of funding. The round was led by New York-based TQ Ventures, with participation from U.K.-based Smedvig Capital and Hoxton Ventures, the multinational Endeavor and Verve Ventures, Amsterdam-based GapMinder, and Karma Ventures in Tallinn, Estonia.
Founded in 2018, Druid has raised $20 million prior to this round. The new funding will be used to fuel Druid’s international growth, particularly in the United States, where it already gets 60% of its revenue. Headquartered in Bucharest, Romania, Druid also has offices in Austin - U.S., Melbourne – Australia, and London – U.K., and the company does plan to focus on the U.S. market in the near future.
Already, Druid has attracted big companies like Kmart, Liberty Global, Texas Children's Hospital, White Castle, NHS, Auchan, Georgia Southern University, Société Générale, Erste Group, and BNP Paribas, among others.
This year, Druid expects to triple is revenue from 2022, when it saw 2.5 times growth.
Liviu Drăgan, the CEO and founder of Druid, said in a release that his product will “ignite a new era of productivity and tangible business outcomes.”
And productivity is a major factor here. In addition to intelligent automation with ChatGPT for an enterprise team, Druid’s conversational app offers businesses context-ready AI-powered interaction with the customer. For one, this would significantly reduce the time customer service employees waste on repeat inquiries. And two – eliminate the wait time for customers seeking help, while providing informative interaction.
Dan Mihăescu, the founding partner at GapMinder, a third-time investor in Druid, said in the announcement: “Having been with Druid since its first steps globally, we are happy to now see the company's important list of international clients and the increasingly ambitious plans of the team members to build an AI hub that can quickly incorporate the latest artificial intelligence technologies such as generative AI.”
Druid noted that its product can be applied to an enterprise’s existing digital infrastructure, is user-friendly, and can be hosted locally or in the cloud.
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