Moveworks raises $75m in series B funding to accelerate conversational AI for IT support

Moveworks has raised $75m in a series B funding round to
boost its conversational AI technology for automated IT support as the company
says it is ‘still in its first inning.’

The round was led by new investors ICONIQ Capital, Kleiner Perkins and Sapphire Ventures. Along with these new investors, existing investors like Lightspeed Venture Partners, Bain Capital Ventures, and Comerica Bank. The fundraiser also received personal investment from John W. Thompson, partner at Lightspeed Venture Partners and chairman of Microsoft.

With this financing round, the cloud-based AI platform
provider has raised a total of $105m to date.

Moveworks will be using the new capital to expedite
the product innovation process for its natural language understanding (NLU) and
advanced conversational AI technology to meet global demand for the platform
for new and existing customers.

Moveworks CEO Bhavin Shah said: “Building Moveworks
over the past three years has been an exercise in discipline and focus. The
possibilities of AI are so vast that many start-ups get trapped by the allure
of solving every problem their customers present to them. We chose to focus on
a single problem that’s been holding IT support back for the last 30 years:
resolving IT tickets, quickly and with minimal disruption to employees’
day-to-day jobs. We focused AI on deeply understanding enterprise IT support
tickets to solve this very difficult problem. And we’ve succeeded.”

Montreal-based Stradigi AI also closed a Series A funding round where it raised $40.3m, which will accelerate the company’s expansion in North America and support continuous product innovation of its AI platform, Kepler. The funding round was led by Fonds De Solidarité FTQ and Investissement Québec, collectively investing $20m.

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