Moveworks has successfully raised $305 million over three funding rounds, achieving a valuation of $2.1 billion. The company offers an AI copilot designed to streamline work processes and boost productivity.
Keep reading to explore the intricacies of Moveworks' fundraising journey and the investors backing this innovative platform.
What Is Moveworks?
Moveworks, founded by Bhavin Shah, Vaibhav Nivargi, and Varun Singh, leverages AI to simplify work by unifying business systems and automating tasks. Established in 2016, the company operates from locations in Austin, San Francisco, and Mountain View.
With a workforce of 501-1000 employees, Moveworks is trusted by brands like Databricks, Broadcom, and Palo Alto Networks. Their AI copilot uses advanced models to understand employee requests and execute actions across applications.
Moveworks' platform integrates with enterprise systems to streamline workflows, enhancing productivity and efficiency for its clients.
How Much Funding Has Moveworks Raised?
- Series A
- Amount Raised: $30 million
- Date: April 2019
- Lead Investors: Lightspeed Venture Partners and Bain Capital
- Motivation Behind the Round: To support Moveworks' mission to automate IT support tasks using AI, enhancing technology and expanding the customer base.
- Series B
- Amount Raised: $75 million
- Date: November 2019
- Lead Investors: Iconiq Capital, Kleiner Perkins, and Sapphire Ventures
- Motivation Behind the Round: To further develop Moveworks' AI platform for automating help desk ticket resolution, increasing efficiency and user satisfaction.
- Series C
- Amount Raised: $200 million
- Date: June 2021
- Lead Investors: Tiger Global and Alkeon Capital
- Valuation at Round: $2.1 billion
- Motivation Behind the Round: To help employees focus on meaningful projects rather than busywork, leveraging AI to provide support regardless of location or time.
Moveworks has raised a total of $305 million with a current valuation of $2.1 billion.
Key Investors
- Tiger Global
- Details: Tiger Global is a leading investment firm focused on public and private companies in the global Internet, software, consumer, and financial technology sectors. The firm has a strong track record of backing high-growth companies.
- Investment Focus Areas: Technology, software, consumer, financial technology.
- Notable Investments: Facebook, LinkedIn, Spotify.
- Alkeon Capital
- Details: Alkeon Capital is a global investment firm that focuses on technology, media, telecommunications, and consumer sectors. They are known for their long-term investment approach and deep industry expertise.
- Investment Focus Areas: Technology, media, telecommunications, consumer.
- Notable Investments: Amazon, Google, Microsoft.
- Lightspeed Venture Partners
- Details: Lightspeed Venture Partners is a venture capital firm that invests in the enterprise, consumer, health, and cleantech sectors. They have a history of supporting innovative startups from early stages to growth.
- Investment Focus Areas: Enterprise, consumer, health, cleantech.
- Notable Investments: Snapchat, Nest, GrubHub.
- Bain Capital
- Details: Bain Capital is a private investment firm that invests across multiple asset classes including private equity, venture capital, credit, public equity, and real estate. They have a global presence and a diverse portfolio.
- Investment Focus Areas: Private equity, venture capital, credit, public equity, real estate.
- Notable Investments: LinkedIn, SurveyMonkey, DocuSign.
- Kleiner Perkins
- Details: Kleiner Perkins is a venture capital firm that focuses on early-stage and growth-stage investments in technology, life sciences, and healthcare. They have been instrumental in the success of many iconic companies.
- Investment Focus Areas: Technology, life sciences, healthcare.
- Notable Investments: Google, Amazon, Twitter.
What's Next for Moveworks?
Moveworks stands at the cusp of significant growth, driven by the increasing demand for AI solutions in various sectors such as IT, HR, and Finance. With the recent $200 million Series C funding, the company is poised to expand its AI capabilities, develop new products, and enhance existing solutions. The integration with platforms like Salesforce and ServiceNow further amplifies their market reach.
Future fundraising opportunities seem promising, given the involvement of prominent investors like Tiger Global and Alkeon Capital. As Moveworks continues to innovate and scale, additional funding rounds may be on the horizon to support their ambitious growth plans. However, the company must navigate challenges such as rapid AI advancements and maintaining a competitive edge in a fast-evolving industry.
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