London, February 22, 2024 – DRUID, a leader in the field of conversational AI technology and a pioneer of the Conversational Business Applications category, today announced a significant milestone, reporting 2.2X growth in Annual Recurring Revenue (ARR), reaching $13 million in 2023. This growth is a testament to the company's innovative approach to enhancing enterprise productivity through Conversational Business Applications (CBA) and Generative AI.
DRUID aims to reach $24 million in ARR by the end of 2024 and strengthen its presence in the US market. The company plans to generate 50% of its new revenue through a robust network of resellers and delivery partners, focusing on connectivity with Large Language Model (LLM) providers and leveraging Generative AI to meet the needs of enterprises across all industries.
After successfully concluding its Series B funding round in September 2023, DRUID AI, now valued at $100 million and re-established as a US-based company, has initiated its expansion into the US market with plans for continued growth.
2023 was a prolific year for DRUID, highlighted by significant ARR growth, strategic Series B funding, and several innovative product developments. These include the introduction of the MegaBot, a conversational robot orchestrator that integrates the company's technology stack to act as a single point of interaction for all the digital operations, which has proven its efficiency by automating 80% of tasks, the DRUID custom LLM for enterprises, enhancing data integration and security, and expanding the Knowledgebase functionalities, along with ChatGPT integration via Microsoft's Azure OpenAI Service.
The expansion of DRUID's client base by 40% highlights the confidence customers have in DRUID's solutions. Georgia Southern University, Texas Children's Hospital, and White Castle are some organizations that trust DRUID's advanced conversational AI solutions.
This trust has been earned by actively incorporating clients' feedback into our ongoing product enhancements, ensuring that every solution we deliver is precisely customized to meet each client's specific needs. Currently, DRUID serves 250 enterprises across various industries, including healthcare, banking, retail, and higher education, extending our reach to 42 countries and supporting over 60 languages.
Regarding business expansion, DRUID opened new offices in New York, Austin, Singapore, and Sydney in 2023 and invested in assembling expanded senior teams across the US, EMEA, and APAC regions. Furthermore, the top management team has been strengthened by adding valuable new members, including Bill Schwaab as VP of Sales in the US, Martin Kraft as VP of Sales for EMEA and APAC, and Roelof Stofberg as Chief Operations Officer.
"Reflecting on 2023, it's truly humbling to see how far we've come, with our growth not just as a company but as a pioneer in the conversational AI field", shared Liviu Dragan, CEO of DRUID. "The support and trust from our Series B investors have exceeded our expectations, fueling our journey into uncharted territories of innovation and market expansion. As we venture into 2024, our commitment is to continue exploring the vast potential of AI, with a sincere hope to revolutionize how businesses interact and operate. It's a journey we're honored to be on, and the possibilities seem as limitless as they are exciting."
By actively listening to its customers and incorporating their feedback into the platform, DRUID has created an even more significant positive impact on their businesses by driving growth, reducing risks associated with the lack of access to critical and historical information, and focusing on cost optimization.
The company is profoundly grateful for the opportunity to contribute to its clients' success and for their trust in DRUID.
About DRUID
DRUID (www.druidai.com) is an end-to-end platform for building, deploying, and scaling AI-driven Conversational Business Applications, designed to deliver next-level employee productivity and the total customer experience in the most intuitive way. Acting as a front layer to all digital operations, DRUID unifies and enhances the existing technology landscape while mitigating app fatigue (learning and adapting to new systems). In addition, DRUID intelligent virtual assistants enable fast, personalized, omnichannel, and hyper-automated interactions while speaking each organization's language via open integrations with any existing enterprise systems and RPA technologies. Starting with 2018, DRUID actively builds on its vision to provide each employee with an intelligent virtual assistant, establishing an extensive 160+ partner network and servicing 250+ clients worldwide.