Artificial intelligence startup, Worxogo has raised Rs 16.5 crore in series-A funding. The round was led by venture capital firm Inventus Capital Partners India and Ideaspring Capital.
With the current fundraising, the startup plans to invest newly raised capital to scale its AI engine Mia and to enter into global markets.
Worxogo was Incorporated in 2015 by former KPMG executive director Ramesh Srinivas and 5 other professionals include Ravi Bhamidipati, Sudha Bhamidipati, Suneel Aiyer, Anant Sood, and Sivaramakrishnan, who have previously worked with leading consulting firms like PwC, KPMG, IBM, and Ernst & Young. The startup offers a personal AI coach that improve employee productivity for an enterprise. It has three products Xogolign, GIM and Xogonet for which Worxogo claims to have more than 35 customers including firms like Titan Industries, Piramal, PwC, L&T and Sutherland.
Commenting on the investment, Parag Dhol, MD, Inventus India said, “Behavioural science and neuroeconomics are new, exciting areas and the combination of that to benefit enterprises while offering personalized assistance to employees is what excited us.”
Worxogo has a cognitive AI engine called Mia, which learns and predicts behavior, and coaches employees for improved business impact. It helps them to improve their productivity through actionable advice using principles of neuroeconomics and behavioral science. The company has also applied for a patent for its AI engine in the U.S.
“We believe that our first-of-its-kind cognitive engine, Mia, will bring a radical shift in how performance is managed in the near future. We are focused in our approach to reach every employee in an organization individually and allow Mia to coach them in a way that aligns personal growth with company objectives,” Srinivas, chief executive of Worxogo said in the press statement.
At present, Worxogo assesses over 1 lakh behaviour instances and sends 3 lakh nudges to employees on daily basis. The startup has offices in Bengaluru, Chennai, Mumbai, and Singapore and draws clients from India, US, Middle East, Sri Lanka, and Singapore.
In the last couple of months, a number of startups who have AI product offering, have secured venture capital investment. California- headquartered Observe.ai, Frontdesk AI and Trilyo are to name a few.