Bengaluru-based artificial intelligence startup Worxogo Solutions Pvt. Ltd has raised Rs 16.5 crore (around $2.2 million at current exchange rates) in a Series A funding round from venture capital firms Inventus Capital Partners India and Ideaspring Capital, a company statement said.
The company will use the capital primarily to scale its AI engine Mia and to enter global markets, the statement added.
Mia is a personal AI coach that helps employees improve their productivity by providing actionable advice using the principles of neuro-economics and behavioural science. The startup claims that it understands what makes employees perform well by recognising workplace behaviour preferences.
“Behavioural science is a relatively recent body of work which is at variance with classical economic thinking. That paradigm in combination with the ubiquitous mobile, always-on connectivity and machine learning enable productivity benefits in enterprises in real-time, in a personalised fashion and at considerable scale,” said Parag Dhol, managing director at Inventus India, in the statement.
The startup was founded in 2015 by former PwC colleagues Ramesh Srinivas, Sudha Bhamidipati, Ravi Bhamidipati, Suneel Aiyer, Anant Sood and Sivaramakrishnan. It claims to have signed up 35 customers including firms like Titan Industries, Piramal, PwC, L&T and Sutherland.
Built on machine learning algorithms that assess employees’ behaviour, along with performance data, Mia sends ‘nudges’ or notifications to employees regularly that claims to improve business performance.
“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 organisation 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 statement.
Deals in the space
In the past few months, a number of startups offering AI capabilities have secured venture capital investment.
Most recently in August, California- headquartered Observe.ai, which also has a tech team in Bengaluru, had raised $8 million (Rs 55 crore then) in its Series A round led by venture capital firm Nexus Venture Partners.
In June, Frontdesk AI, which offers automated customer service software, raised $1.1 million (Rs 7.54 crore then) in a seed round of funding led by Bengaluru-based early-stage investment firm Speciale Invest. It provides automated full-service backup receptionist solutions and currently serves the beauty and wellness industry and plans to expand to the dental space.
In February, Trilyo, an AI-based software-as-a-service firm, raised $250,000 (Rs 1.6 crore) in a funding round led by Startup Buddy Pvt. Ltd. The startup offers AI-driven voice- and chat-based solutions to business-to-business firms in the hospitality sector for better customer experience.