Mountain View-based startup Moveworks uses its artificial intelligence-powered (AI) platform to resolve IT support issues for companies and helps them support their employees. The platform is used by customers like DocuSign, Broadcom, and Western Digital.
Led by CEO Bhavin Shah, Moveworks oversees everything from IT tickets to HR requests to policy questions. Employees describe what they need to Moveworks on their favorite enterprise messaging tool — such as Microsoft Teams and Slack — to get help in seconds and the AI platform understands exactly what employees need and provides the right solution in seconds, using conversational AI built for the enterprise.
In March, the company unveiled the launch of its Employee Service Platform, which has the ability to handle human resources, finance, and facilities issues end-to-end, from the initial request to the final resolution. Beyond answering questions about unlocking accounts, resetting passwords, and provisioning software, the Employee Service Platform helps surface forms, pull answers from knowledge bases, and route requests to the right subject-matter experts.
Now the company has raised $200 million in a Series C funding, which gives it a valuation of $2.1 billion. Tiger Global and Alkeon Capital co-led the round. There was also participation from existing investors Lightspeed Venture Partners, Sapphire Ventures, Bain Capital, ICONIQ Growth, and Kleiner Perkins. In addition, Nikesh Arora, Chairman and CEO of Palo Alto Networks and Former Chief Business Officer of Google, will be joining the board as independent director.
“AI has become a necessity to support employees in the work-from-anywhere world,” said Shah. “People expect to get the help they need right away — no matter where they are, no matter when they ask. But to create such a simple experience, we had to engineer advanced deep learning techniques that didn’t exist before, and then make that complexity completely invisible to our users. With this investment, Moveworks will bring AI support to every employee at every enterprise.”
While the platform competes indirectly with Electric in an IT solutions segment that’s expected to reach $35.98 billion by 2025, Mountain View, California-based Moveworks claims to have seen a 700% increase in active users over the past fifteen months as remote work became more prominent during the pandemic.
