PayPal Ventures has co-led a $30 million funding round in Rasa, a generative AI (GenAI) platform.

Rasa develops an AI assistant which is designed to facilitate “coherent and natural” user interactions.

The funding round was also led by StepStone Group with participation from Basis Set Ventures and Andreessen Horowitz.

The funding will be used to expand hires in North America and Europe in marketing, sales, engineering and customer success.

Rasa says its products are used by several companies including two of the world’s top banks, major insurers, and global travel and hospitality firms. It added that its software has been downloaded more than 50 million times by developers.

“We are thrilled to mark the launch of our AI Fund with our investment in Rasa,” said Alan Du, PayPal Ventures partner. “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.”

Last month, PayPal announced it was trialling six new features powered by AI to provided increased personalisation for both merchants and consumers.

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