raffle.ai Secures $18 Million Commitment for Continued Expansion

AI-powered enterprise search engine raffle.ai announces Series A to advance the way the world accesses data

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Feb 02, 2022, 08:01 ET

COPENHAGEN, Denmark, Feb. 2, 2022 /PRNewswire/ -- raffle.ai, the next-gen enterprise search engine powered by artificial intelligence, today announced that it has raised an $18 million commitment from K1 Investment Management, a leading investment firm focused on high-growth enterprise software companies, with participation from Danish growth fund, Vækstfonden VC. The Series A funding allows raffle.ai to more than double headcount by the end of 2022 and continue its penetration into the European and US markets.

The company has developed a next-gen enterprise search engine based on artificial intelligence ("AI"), which equips employees and customers with quick, accurate answers to questions and intelligent free text search into relevant documents and images within the company. Today, customers across several countries and languages have accelerated their digitalization, employee efficiency, and customer experience with raffle.ai.

"Implementing raffle.ai has helped lead to a 25% reduction in customer support inquiries as customers get answers to their questions immediately on our website and mobile app," said Allan Sønderskov Darré, Chairman at Freetrailer. "We've rolled out the platform across five different languages and in all of the countries in which we operate."

Unique position in huge market

The multi-billion-dollar enterprise search market continues to see growth as customer and prospect data requirements proliferate. In addition to a user-friendly search experience, raffle.ai also benefits from rapid, AI-powered customer implementations.

"We are typically up and running with a full solution with our customers in a few hours or days, while many of our competitors have to spend months before going live," said Suzanne Lauritzen, CEO and founder of raffle.ai. "Additionally, once the platform is in place, our customers are seeing drastic reductions in support calls, tickets and search times, resulting in significant savings. We look forward to the partnership with K1 to further expand our global footprint."

"Search is an unresolved pain in many organizations and represents a huge efficiency potential in daily work routines," said Kellen Haines, Principal at K1. "The raffle.ai team has done an incredible job of building a platform that marries next-gen search technology with fast time-to-value, and we couldn't be more excited to support the company in its next phase of growth."

About raffle.ai

raffle.ai provides a next-generation AI-based search engine. The platform can search both internal documents and a company's website, using contextual learning to understand meaning and intent. The resulting experience allows employees and customers to find information, documents and image files much faster and efficiently using everyday language.

Studies have shown that in many jobs, employees spend a high percentage of their time searching for information. That time can be drastically reduced or eliminated with raffle. For more info, visit www.raffle.ai.

About K1

K1 is a global investment firm that builds category-leading enterprise software companies. K1 partners with strong management teams of high-growth technology businesses to help them achieve successful outcomes. With over 110 professionals, K1 and its operating affiliate, K1 Operations LLC, change industry landscapes with operationally-focused growth strategies designed to rapidly scale portfolio companies. Since inception of the firm, K1 has partnered with over 180 enterprise software companies including industry leaders such as Apttus, Buildium, Checkmarx, Clarizen, ControlUp, Emburse, FMG Suite, Granicus, IronScales, Litera Microsystems, Onit, Rave Mobile Safety, RFPIO, Smarsh, WorkForce Software and Zapproved. For more info, visit k1capital.com and follow on LinkedIn.

SOURCE K1 Investment Management