PayPal Ventures has co-led a $30 million Series C funding round for Rasa, a generative conversational AI platform. The round was also co-led by StepStone Group, with additional participation from Andreessen Horowitz, Accel, and Basis Set Ventures.
Rasa provides AI assistants for several major companies, including two of the world’s three largest banks, as well as various insurance firms. This investment marks the initial deployment of PayPal Ventures’ new AI fund. The funds will be utilized for hiring in North America and Europe across marketing, sales, engineering, and customer success roles.
Alan Du, a partner at PayPal Ventures, commented, “We believe Rasa offers a best-in-class platform for enterprises to develop robust conversational AI, and we have seen how its concierge solutions improve customer engagement and business performance.”
Recently, PayPal unveiled a range of new AI-driven features aimed at enhancing personalization for both merchants and consumers.