Were you unable to attend Transform 2022? Check out all of the summit sessions in our on-demand library now! Watch here.
IT issues take time, which costs money. A PagerDuty survey found that 38.4% of organizations that take more than 30 minutes to resolve IT incidents see an impact on consumer-facing digital services. Moreover, nearly one-third of departments regularly affected by technical issues say that an hour of downtime costs them $1 million or more.
That’s where Moveworks comes in — or so say Bhavin Shah, Jiang Chen, Vaibhav Nivargi, and Varun Singh. They founded the Mountain View-based company in 2016 to build an AI platform that could resolve IT support issues automatically, and impressively, they’ve already gained a foothold in an IT solutions segment that’s expected to reach $35.98 billion by 2025. Case in point: Moveworks recently signed on LinkedIn, Symantec, Belkin, Freedom, Western Digital, Nutanix, Rambus, Autodesk, Broadcom, and Stitch Fix as customers, and it recorded 300% revenue growth year-over-year.
Moveworks today revealed that it’s raised $75 million in a series B fundraising round, bringing the company’s total amount raised to $105 million following a $30 million round in April 2019. New investors Iconiq Capital, Kleiner Perkins, and Sapphire Ventures led the round with participation from existing backers Lightspeed Venture Partners, Bain Capital Ventures, and Comerica Bank, as well as a personal investment from Microsoft Chairman John W. Thompson.
MetaBeat will bring together thought leaders to give guidance on how metaverse technology will transform the way all industries communicate and do business on October 4 in San Francisco, CA.
CEO Shah said the fresh capital will be used to accelerate research and development, with a particular emphasis on natural language understanding and conversational AI.
“Building Moveworks over the past three years has been an exercise in discipline and focus,” said CEO Shah. “The possibilities of AI are so vast that many startups 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.”
Moveworks’ cloud-hosted suite integrates with existing service management systems, identity and access management systems, knowledge bases, email accounts, workflow automation, and facilities management dashboards, applying AI to suss out enterprise language and identify troubleshooting steps for support issues. A stateless engine adapts to changes in conversation flows and enables employees to use natural language to diagnose issues, as well as to identify optimal resolution methods and disambiguate complex requests.
A semantic search component taps context to sift through and extract answers from articles, documents, and FAQs. It complements Moveworks’ remediation solution that fields a range of requests automatically, and that lets employees self-serve email list requests and find coworkers and conference rooms while automatically routing support tickets to the right group.
Moveworks says its machine learning algorithms continuously improve thanks to a paradigm known as collective learning, where language is broken down into generalized features before it’s consolidated from small data sets into a large corpus. It’s on this corpus that the aforementioned models train, ensuring (at least in theory) that they always outperform models trained on a single data set.
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,” said Hamid. “I’ve been tracking Moveworks from the moment they signed their first customer and we believe it has the potential to become the main interaction model for a broader set of enterprise workflows. We’re thrilled to partner with the Moveworks team — IT support is just the start.”
VentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact. Discover our Briefings.