Karma Ventures invested in the Romanian AI conversational platform DRUID

 

Estonian early-stage venture capital firm Karma Ventures invested in the Romanian AI conversational platform DRUID, which integrates with ChatGPT. New York-based investment firm TQ Ventures led a $30M B round. London-based VC and private equity company Smedvig Capital, Amsterdam-based VC GapMinder, New York-based global community of entrepreneurs Endeavor, and UK Hoxton Ventures and Verve Ventures also participated in the deal.

Founded in Bucharest in 2018 by Liviu Drăgan and Bogdan Pietroiu, DRUID develops virtual assistants, or chatbots, through its conversational AI platform. The platform gives enterprises the tools to build and design conversational business applications (CBA). DRUID provides conversational experiences in more than 50 languages.

A few months ago, the startup partnered with Microsoft and started to implement ChatGPT to offer its clients access to deeper knowledge to handle more general custom queries for a shorter time. Integration of ChatGPT in DRUID will help companies save hours on manual bot training.

DRUID’s platform can be hosted in a local network and the cloud. Using the API interfaces, DRUID can connect to customer relationship management (CRM) and human resources information systems (HRIS).

DRUID has over 150 employees in Bucharest, Melbourne, Austin, and London. The startup's customers are French retailer Auchan, financial services group Société Générale, BNP Paribas, French international insurance company Axa, and many others. The startup will use the investment to double its growth in the USA, where it has 60% of the company's revenue.

Founded in 2016 by Kristjan Laanemaa, Margus Uudam, and Tommi Uhari, Karma Ventures is an early-stage venture capital firm, investing in late seed and A-series European startups. The firm injects up to €5M in the initial round and also makes follow-on investments in later rounds. First time Karma Ventures invested in DRUID in 2022.