Moveworks raises $200 million to automate IT operations in Series C funding

Moveworks emphasises the relevance of AI in giving support to employees, regardless of where they work or when they seek assistance.

Main Highlights

The concept of deploying AI to improve employee support, whether remote or on-site, seems self-evident. Moveworks, a platform launched to automate support at work, announced that it closed a $200 million Series C funding round led by Tiger Global and Alkeon Capital, with participation from Lightspeed Venture Partners, Sapphire Ventures, Bain Capital, Iconiq Growth, and Kleiner Perkins. 

The profits increase the company’s total funding to $315 million, valuing it at $2.1 billion post-money, making it one of the most significant investments in an AI platform for employee service to date.

Support teams require an average of three days to manually answer issues like IT tickets, HR requests, and policy concerns using traditional methods, producing disruptions that might cause business delays. Almost a third of departments that are often impacted by technological issues estimates that an hour of downtime costs them $1 million or more. 

With a combination of natural language comprehension, conversational AI, and semantic search, It hopes to alleviate the IT strain. Employees can communicate their needs to a chatbot via an existing messaging tool, such as Microsoft Teams or Slack, using the platform.

Moveworks CEO Bhavin’s Verdicts: 

In a news statement, Moveworks CEO Bhavin Shah stated, “AI has become a need to support employees in the work-from-anywhere world.” “People expect to receive assistance straight quickly, regardless of where they are or when they ask. However, in order to produce such a simple experience, we had to develop advanced deep learning techniques that had never been seen before, and then hide that complexity from our users. It will deliver AI help to every person at every company with this investment.”

Its cloud platform integrates with service management systems, identity and access knowledge bases, management systems,  email accounts, workflow automation, and facilities management dashboards, using a machine learning engine that has been trained on over 100 million real-world scenarios to identify troubleshooting steps for support issues. 

A semantic search component uses context to filter through articles, documents, and FAQs and retrieve answers. This is in addition to a remediation solution, which automatically handles a variety of requests and allows employees to self-serve email list requests while forwarding support tickets to the appropriate group.

As a cutting-edge AI firm, it has code in production today that was impossible to write only a few months ago. It wasn’t just more difficult; it was downright impossible. This is the allure of artificial intelligence. New machine learning models emerge every day, with the potential to make a significant difference for your customers—if your team can find out how to operationalize them. Working in this setting necessitates a specific type of engineer.

It announced the debut of the Employee Service Platform in March, which takes care of human resources, financial, and facilities issues from start to finish. The Employee ServicePlatform helps surface forms get answers from knowledge bases, and route queries to the appropriate Subject Matter Experts (SMEs) in addition to answering questions about unlocking accounts, resetting passwords, and provisioning software.

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CTO Vaibhav Nivargi’s Verdicts

“Before this product growth, we developed a unique technique to comprehending enterprise language, which we used to fix IT difficulties – without predefining precise intents or hard-coding rigid protocols, CTO Vaibhav Nivargi described this method as “our multilayered intent system.” At its most basic level, it’s a generic natural language comprehension system. Instead of pre-defining specific user intentions, our complex intent system calculates the overall action and resource type required to fix each issue. We evaluate the utility of various resources after we’ve established this broad intent.” 

As remote work grew more common during the pandemic, Moveworks, based in California, claims to have seen a 700 percent rise, inactive users, in the last few months. Palo Alto Networks, Slack, Western Digital, Broadcom, Autodesk, Belkin, Stitch Fix, and LinkedIn are all current or previous customers.

“2021 has been a crazy, wonderful year, and there’s still a long way to go, says Bhavin Shah, CEO, and Founder. We’re merely at the beginning. Despite everything we’ve accomplished thus far, there’s still so much more to do, and this funding will help us reach new heights.”

“We’re excited to work with our new investors, Tiger Global and Alkeon Capital,” he continued, “and we’re grateful to our existing investment partners, Lightspeed Venture Partners, Bain Capital, Kleiner Perkins, ICONIQ Growth, and Sapphire Ventures, for increasing their investment in the firm during this latest round.”

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