Moveworks Inc., an enterprise artificial-intelligence software company, said Thursday that it raised an additional $75 million in series B funding. The latest funding round was led by Iconiq Capital, Kleiner Perkins and Sapphire Ventures. Today’s investment brings the total raised to $105 million, according to crunchbase.
“Moveworks is a machine learning platform that uses natural language understanding to take tickets that are submitted by employees every day to their IT teams for stuff they need, and we understand [the content of the tickets], interpret them, and then we take the actions to resolve them [automatically]”
– CEO and co-founder Bhavin Shah
The new capital will be used to accelerate product innovation for Moveworks’ Natural Language Understanding (NLU) and advanced Conversational-AI technology to meet global demand for the platform for new and existing customers.
Moveworks competes directly with Electric, which raised $25 million in January for its AI-powered IT task automation platform. But Kleiner Perkins partner Mamoon Hamid believes it’s on track to nab a larger slice of the market. “Moveworks has become the clear market leader in IT support automation, yet in many ways the company is still in its first inning,” he said.
The company decided to focus on help desk tickets as they saw data when they were forming the company that suggested a common set of questions, and that would make it easier to interpret and resolve these issues. The company was founded in 2016, and in the early days was only resolving 2% of the tickets autonomously, so it has seen major improvement, in fact, the company claimed they are currently able to resolve 25-40% of all tickets autonomously today.