Moveworks raises $200M to automate enterprise IT tasks

venturebeat.com
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Moveworks, a startup developing a platform to automate common IT tasks, has raised $200 million at a $2.1 billion valuation.
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Moveworks, a platform designed to automate support at work, today announced that it closed a $200 million series C funding round led by Tiger Global and Alkeon Capital, with participation from Lightspeed Venture Partners, Sapphire Ventures, Bain Capital, ICONIQ Growth, and Kleiner Perkins. The proceeds bring the company's total raised to $315 million and value the company at $2.1 billion post-money, representing one of the largest investments in an AI platform for employee service to date.

With conventional approaches, support teams take an average of three days to address issues including IT tickets, HR requests, and policy questions by hand, causing disruptions that can delay work. Nearly one-third of departments regularly affected by technical problems say that an hour of downtime costs them $1 million or more.

Moveworks aims to ease the IT burden with a combination of natural language understanding, conversational AI, and semantic search. Using the platform, employees can describe what they need via a chatbot in an existing messaging tool, like Microsoft Teams and Slack.

"AI has become a necessity to support employees in the work-from-anywhere world," Moveworks CEO Bhavin Shah said in a press…
Kyle Wiggers
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