Venture capital fund Early Game Ventures (EGV) participated in a new investment round carried out by Romanian startup Druid, which develops chatbots using Artificial Intelligence (AI).

The startup founded and led by Romanian entrepreneur Liviu Drăgan was valued at over EUR 8 million.

The company will use the funds to expand rapidly in the US. It plans another investment round next year, aiming to raise EUR 8-10 mln from the market.

“I think now was the right time for an institutional investor to enter the Druid ownership base. I had several investment funds that showed interest in Druid. We chose EGV, along with my belief that we can build a global company. Our plans include a rapid expansion in the United States and another round of investments in the middle of next year, when we will raise from the market somewhere between EUR 8 and 10 million for a company valuation of over EUR 20 million," said Liviu Drăgan, founder and CEO of Druid.

Druid won the prize for Startup of the Year 2019 in Central and Eastern Europe (CEE), at the Central European Startup Awards (CESA) competition, organized this year in Bucharest. The company develops a "no code" platform that helps companies plan, develop and distribute chatbots - software "robots". No code platforms also allow non-programmers to create software applications, through graphical interfaces and configurations, instead of classical programming.

editor@romania-insider.com

(Photo source: Facebook/Druid)