Eurazeo, through its Growth team, is pleased to announce its investment in Cognigy, a global leader in AI-driven customer services, for an amount of €50 million in Series C funding. This is the second investment in Germany for the Eurazeo Growth Fund IV (EGF IV).
Based in Düsseldorf and San Francisco, Cognigy is at the forefront of revolutionizing the customer service industry by providing the most-cutting edge AI workforce on the market. Its award-winning solution is designed to empower businesses to deliver exceptional customer service that is instant, personalized, in any language and on any channel. Its customers operate globally and are enterprises from across all sectors such as Frontier Airlines, Bosch, Nestle, Toyota and TechStyle. The platform leverages Conversational and Generative AI to enable a 70%+ conversation automation rate with a very high-conversation volume whilst offering top-level personalized services with no latency. Cognigy’s service is a very complex and exceptional product that enables enterprise customer service leaders to focus the work of their teams on high-value conversations.
Cognigy’s Series C global funding was led by Eurazeo along with existing investors Insight Partners, DTCP, DN Capital, and others for a total amount of $100 million (€93 millions). This new funding will accelerate the company’s mission to deliver AI-first customer service at scale and pursue its international expansion. Cognigy already boasts a wide European footprint and also has a growing presence in the US.
For over 25 years, Eurazeo has been a major player in financing the European tech sector. Thanks to highly experienced operating partners and advisors, Eurazeo and its Growth team will provide extensive support and hands-on expertise to Cognigy. As a member of Cognigy’s Board of Directors, Eurazeo intends to become an active and trusted advisor to enable Cognigy to become the global category leader.
Philipp Heltewig, Co-founder and CEO of Cognigy, said:
"We are incredibly thankful to our investors for trusting our vision and potential. The market opportunity for AI-first customer service is immense. Enterprises across all industries are recognizing the critical need for efficient, scalable, and personalized customer interactions. Our platform delivers and manages AI Agents that revolutionize the customer service landscape and provides businesses with the tools to exceed customer expectations and drive loyalty. The support of our partners and investors such as Eurazeo, will provide us with the means to seize this opportunity and expand our global footprint, as well as continue to innovate our platform to meet the evolving needs of our clients."
Raluca Ragab, Managing Director, and Romain Mombert, Investment Director, at Eurazeo, stated:
“We are proud to have been chosen by the team at Cognigy to be their partner as they continue their journey to become one of the next AI champions. Customer support automation is a major challenge Enterprises face globally and that Cognigy is solving thanks to AI. This investment aligns perfectly with our Eurazeo Growth strategy of supporting highly strategic European technology players and scaling them up to become global winners. With one of the largest and most active pan-European teams dedicated to funding scale-ups in our continent, we are happy to play a critical role in European tech champion’s crucial late-stage development.”
