Total amount raised
$2.1 Billions
Latest funding date
June, 2021
Location
Moveworks has successfully raised significant funding over multiple rounds, culminating in its acquisition by ServiceNow for $2.9 billion. The company's AI-powered platform is designed to enhance workforce productivity by automating tasks and improving workflow efficiency.
Keep reading to explore the intricacies of Moveworks' fundraising journey and the investors backing this innovative platform.
What Is Moveworks?
Moveworks, founded in 2016, is headquartered in Mountain View, California. The company was established by Bhavin Shah, Jiang Chen, Vaibhav Nivargi, and Varun Singh.
Specializing in AI-driven solutions, Moveworks offers an AI assistant designed to enhance enterprise productivity by automating tasks and improving workflow efficiency. Their platform integrates seamlessly with various enterprise systems to streamline operations.
Currently, Moveworks employs between 501 and 1000 people, providing innovative solutions to companies like Databricks, Broadcom, and Palo Alto Networks.
How Much Funding Has Moveworks Raised?
- Series A
- Amount Raised: $30M
- Date: April 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and launch their AI-powered platform.
- Series B
- Amount Raised: $75M
- Date: November 2019
- Lead Investors: ICONIQ Growth, Kleiner Perkins, Sapphire Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance AI capabilities.
- Series C
- Amount Raised: $200M
- Date: June 2021
- Lead Investors: Tiger Global Management, Alkeon Capital
- Valuation at Round: $2.1 billion
- Motivation Behind the Round: To expand AI capabilities and support a work-from-anywhere environment.
Total Amount Raised: $305M. Current Valuation: $2.1 billion.
Key Investors
- Tiger Global Management
- Details: Tiger Global Management is a leading global investment firm that focuses on private and public companies. They manage over $70 billion in assets.
- Investment Focus Areas: Internet, software, consumer, financial technology.
- Notable Investments: Facebook, LinkedIn, Spotify.
- Alkeon Capital
- Details: Alkeon Capital is an investment firm that focuses on growth-stage companies in the technology, media, and telecommunications sectors. They are known for their strategic investments in disruptive private companies.
- Investment Focus Areas: Technology, media, telecommunications.
- Notable Investments: Pinterest, Spotify, Alibaba.
- ICONIQ Growth
- Details: ICONIQ Growth is a growth equity firm that invests in technology and software companies. They provide strategic support to help companies scale efficiently.
- Investment Focus Areas: Technology, software.
- Notable Investments: Snowflake, Uber, Zoom.
- Kleiner Perkins
- Details: Kleiner Perkins is a venture capital firm that invests in early-stage and growth-stage companies. They have a long history of backing successful technology and life sciences startups.
- Investment Focus Areas: Technology, life sciences.
- Notable Investments: Google, Amazon, Twitter.
- Sapphire Ventures
- Details: Sapphire Ventures is a venture capital firm that invests in growth-stage technology companies. They focus on helping companies scale and achieve long-term success.
- Investment Focus Areas: Growth-stage technology companies.
- Notable Investments: Box, LinkedIn, Square.
What's Next for Moveworks?
Moveworks stands at the cusp of significant growth opportunities, driven by the increasing adoption of AI in enterprise support. The company is poised to expand its AI capabilities to cover more support issues and integrate with popular enterprise messaging tools like Microsoft Teams and Slack. This expansion could potentially onboard more high-profile clients, similar to DocuSign and Broadcom, further solidifying its market presence.
Future fundraising opportunities appear promising, given the successful Series C round and the involvement of high-profile investors. Moveworks may attract additional venture capital or even consider an IPO if it continues to grow. However, the company will need to navigate challenges such as competition from other AI platforms and ensuring data security and privacy. Maintaining the accuracy and efficiency of its AI platform as it scales will be crucial for sustained success.
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