DRUID announces a 2.2 times increase in annual recurring revenue in 2023

DRUID, a leader in conversational artificial intelligence technology and a pioneer of Conversational Business Applications (CBA) solutions, announces 2023 financial results, reporting 2.2x growth in annual recurring revenue to $13 million in 2023.

DRUID aims to achieve $24 million ARR by the end of 2024 and strengthen its presence in the US market. The company plans to generate 50% of new revenue through a network of partners, focusing on the connectivity of solutions implemented with LLM providers and leveraging generative artificial intelligence to increase the productivity of enterprises in various industries.

The significant increase of 135% compared to the previous year’s results proves that CBA solutions based on generative and conversational artificial intelligence implemented by DRUID played an important role in the path to automation of its customers. After the Series B funding round, DRUID AI became a US company now valued at $100 million.

2023 was a prolific year for DRUID thanks to the significant increase in annual recurring revenue, the acquisition of the Series B funding round in September 2023, but also due to impressive platform developments, including the introduction of MegaBot, a conversational bot orchestrator that integrates the company’s technologies to act as a single point of contact for all digital operations, which has proven its efficiency by automating 80% of processes, developing DRUID’s own LLM that improved data integration and security, and expanding Knowledgebase functionalities, along with ChatGPT integration through Microsoft’s Azure OpenAI service.

In 2023, DRUID expanded its customer base by 40%, and new names to implement DRUID solutions include Georgia Southern University, Texas Children’s Hospital, Liberty Global, White Castle. Customers trust DRUID solutions because they are constantly updated and customized to provide the best impact in increasing revenue, reducing risks associated with lack of access to critical and historical information, and optimizing costs.

Currently, DRUID implements solutions for 250 companies in various industries, including healthcare, banking, retail and higher education, expanding its presence in 42 countries and integrating the platform into more than 60 languages.

“Reflecting on the year 2023, it’s amazing to see how far DRUID has come in its pioneering journey in the field of conversational artificial intelligence,” says Liviu Drăgan, CEO of DRUID. “The support and trust from investors has exceeded our expectations, supporting the journey into uncharted territories of innovation and market expansion. As we venture into 2024, our commitment is to continue exploring the potential of artificial intelligence. It is a journey we are honored to be on. let’s go through it, and the possibilities are limitless and exciting.”

DRUID opened new offices in New York, Austin, Singapore and Sydney in 2023 and invested in the development of teams in the US, EMEA and APAC regions. The top management team was completed by Bill Schwaab, VP of Sales in the USA, by Martin Kraft from the position of VP of Sales for EMEA and APAC, and by Roelof Stofberg, Chief Operations Officer.

DRUID (www.druidai.com) is an end-to-end platform for building AI-powered conversational business applications, applications designed to help employees reach the next level of productivity and deliver an end-to-end customer experience in the most intuitive way. Acting as a single point of interaction with all digital operations, DRUID unifies and enhances the existing technology environment, significantly reducing the learning and adaptation curve for employees. DRUID intelligent virtual assistants enable fast, personalized, multi-channel and hyper-automated interactions, available in every organization’s language thanks to the ability to integrate with any existing enterprise systems and RPA technologies. Since 2018, DRUID has been actively building its vision to provide every employee with an intelligent virtual assistant, creating an extensive global network with over 160 partners and serving over 250 customers worldwide.