DRUID attracts a $2.5M Series A investment led by Gapminder VC
DRUID, a company specialized in developing intelligent virtual assistants (chatbots) for Enterprise organizations, announces the attraction of a new round of financing of 2.5 million dollars. The round was led by GapMinder Ventures fund with $ 2.2 million. The rest of the amount was invested by Early Game Ventures and private investors. Thus, DRUID becomes one of the best capitalized startups in Romania, with total investments worth 5.8 million dollars attracted since its launch in 2018.
- $ 2.5 million round attracted by DRUID
- The round is led by GapMinder VC, with a $ 2.2 million contribution.
- DRUID will use the funds to accelerate the development of conversational technology and its international expansion
Accelerated demand for smart virtual assistants occurs in a context where organizations are increasingly focusing on superior customer interaction throughout any digital communication channel and the need for employees to quickly and relevantly access relevant information, spread in several computer systems for increased productivity.
Smart virtual assistants use natural language to take charge of virtually any information or document in an organization’s systems. DRUID technology allows companies to quickly develop such intelligent virtual assistants, saving time and money by automating simple but time-consuming employee activities and improving the user experience through fast and smart responses. Available in over 45 languages, DRUID offers hundreds of conversational templates that serve specific roles and processes within any industry. DRUID virtual assistants help people communicate more efficiently with robots or computer systems through natural, simple, and intelligent language.
Recurring DRUID revenues increased by 580% in 2020 compared to 2019, in the context in which the market for conversational solutions based on artificial intelligence has an average growth rate of 22% over the next four years, reaching $ 13.9 billion in 2025, according to a Marketsandmarkets study.
Through its global partnership with UiPath, the market leader in robotic business process automation (RPA), DRUID provides conversational skills to the world’s first hyper-automation platform. Strategic alliances with EY, PWC, Deloitte, KPMG, and an extensive network of over 50 system integrators and automation solution providers on all continents allow the rapid implementation of DRUID technology in any country in the world. Thus, in the past 6 months DRUID has enabled conversational AI automation with its virtual assistants for companies in Europe, United States, South America, Asia.
“The new round of financing will be used to launch new conversational automations, to further develop artificial intelligence components, and to accelerate international expansion. DRUID’s ambition is to become the most important conversational AI provider from Europe and to deliver a virtual assistant for every employee. We are incredibly confident and motivated to amaze the whole world with our technology”, said Liviu Drăgan, CEO of DRUID.
“We are driven to invest in technology companies uniquely positioned to grow exponentially. DRUID’s technology is transformational in its ability to provide true conversational solutions assisted by artificial intelligence for internal and external processes on a large variety of verticals, allowing a high level of pre-integrations with many platforms. This new technology is inexpensive and versatile, ultimately enabling massive cost savings and growth stimulators for Enterprises that intend to accelerate their digital transformation. We are proud to become part of a journey that will shape the future of conversational solutions, and we are happy to be with the entrepreneurs who developed this startup”, said Dan Mihaescu, Founding Partner of GapMinder VC.
“This new round comes one year after our initial investment in DRUID. We are happy that this year the company has made remarkable progress in many areas, particularly in international expansion. The amounts invoiced by DRUID multiplied almost ten times in December 2020 compared to December 2019, so we consider that it has proven that it has used wisely the amounts invested so far. We look with confidence into DRUID’s ability to maintain a rapid growth rate, supported by the new capital injection”, said Radu Stoicoviciu, Early Game Ventures Partner.
DRUID is an AI conversational technology company that develops intelligent virtual assistants for Enterprise organizations. By integrating with UiPath robots, DRUID allows the automation of complex processes in which computer systems exchange information with human users in a natural language through any digital communication channel. In less than two years since its launch, DRUID already has over 50 global enterprise customers.
About GapMinder Venture Partners BV
GapMinder is a $ 45 million venture capital fund that invests in technology companies created in Romania and Central Europe, growing rapidly internationally and in the Seed or Series A phase. GapMinder partners have a direct approach as investors, helping companies grow through strategic consulting and direct involvement in the operational organization, corporate governance, and financial discipline. GapMinder’s portfolio includes companies such as FintechOS, TypingDNA, SmartDreamers, Deepstash, Frisbo, Machinations, Soleadify, or Innoship.
About Early Game Ventures
Early Game Ventures is a venture capital investment fund financed primarily by the Competitiveness Operational Program 2014-2020 and co-financed by the European Regional Development Fund.