The funding helps Moveworks' valuation hit the $2.1B mark. Here are the top-line bullets you need to know.
Moveworks, a conversational AI platform that automates IT tasks, has raised $200M in a Series C. The round drew participation from Tiger Global Management, Alkeon Capital Management, Kleiner Perkins Caufield & Byers, Lightspeed Venture Partners, Bain Capital, Sapphire Ventures, and ICONIQ Growth.
HOW’S THE COMPANY PERFORMING?
- California-based Moveworks is a chatbot AI platform designed specifically to address employee concerns, such as IT issues, HR requests, and policy inquiries. The startup provides its services to employers such as DocuSign, Autodesk, Freedom, Slack, Unity, and Broadcom, among others.
- Moveworks has witnessed a 700% rise in active users and a 500% increase in issues handled over the last 15 months.
WHY DOES THE MARKET MATTER?
- The AI-powered process automation market is forecasted to grow at a CAGR of 12.9% to reach a value of $24.9B by 2028, according to Data Bridge Market Research.
- The market is currently witnessing a growth in investment. Blue Prism, for instance, raised over $120M while Kryon raised another $40M. Established IT companies are entering the market as well. Some examples include Microsoft’s acquisition of Softomotive and IBM’s acquisition of WDG Automation.
- SMEs are expected to see significant adoption of automated workflow, creating a market opportunity worth more than $1.6B, according to Fact.MR.