Inventus, Ideaspring invest Series A capital in AI startup Worxogo
Bengaluru-based AI-powered employee performance enabler startup Worxogo has raised ₹16.5 crores in its first funding round from venture capital firm Inventus Capital Partners and early-stage venture fund Ideaspring Capital.
The funds raised will be used to venture into the US market, where the startup has applied for a patent for its AI engine, named Mia. Worxogo was founded in 2015 by six co-founders, Ramesh Srinivas, Ravi Bhamidipati, Sudha Bhamidipati, Suneel Aiyer, Anant Sood, and Sivaramakrishnan, who has worked with leading consulting firms like PwC, KPMG, IBM, and EY.
The startup leverages its AI engine, based on behavioural science and neuroeconomics, to enhance employee performance. Worxogo’s self-learning AI engine named Mia acts a personal digital coach for employees, by using deep learning to access the employees’ personal traits, to help improve employees’ performance at their own pace.
The improvement in employees’ performance, drives the growth of the organisation, boosting revenues and innovation. Worxogo operates on a (Software as a Service) SaaS-based model, by charging a “one-time deployment” cost from its clients, along with “per subscriber per month” charge. The startup offers various products for different clients like xogolign, for sales team, gIM, to drive innovation, and xogonet, to improve supply chain performance.
The startup claims to have around 35 enterprise customers across domains like financial service, retail, and manufacturing, with a global presence. Some of its prominent customers are Axis Bank, Wipro, Reliance Capital, TVS Credit, Piramal Group, Tanishq, Future Group, and Tata Motors, among others.
According to Worxogo, globally more than 80% organisations, face the problem of poor employee engagement and productivity, negatively impacting organisations’ business. In the US economy alone, disengaged employees cost more than $350 billion every year to organisations.
Other startups leveraging technology to improve talent acquisition and performance include Belong, Darwinbox, EdGE Networks, and Monjin, among many others.