Pune-based Engazify owned by Emrec Technologies Pvt. Ltd. has raised an undisclosed amount of funding from a silicon valley based HNI angel investor, Vaibhav Domkundwar. Some of Domkundwar’s earlier investments include companies like BetaOut, Sminq, MuhurtMaza, Fixmasters, etc.
Founded in 2015, Engazify is a performance management AI-driven bot which facilitates real-time employee feedback and appreciation within organizations. With artificial intelligence and machine learning capabilities built right into it, Engazify helps Managers & HR make sense of their employee performance data and gather actionable insights and useful trends.
Engazify has AI powered bot aka virtual assistant which perfectly integrates within the systems that companies are already using like Slack, Microsoft, Atlassian, and Google.
Founders of the startup — Siddharth Shekhawat and Purva Surse –, have over 6 years of domain expertise in employee engagement & performance management industry and both have worked with Fortune 500 companies in US, with specific focus on product engineering and data analytics.
Notably, the employee engagement & performance management industry has current market size of $74 billion growing at a CAGR of 15%.
The startup says that its legacy competitors like SuccessFactors, Workday, and Namely are still selling systems that were designed 20 years ago & are broken, and do not work with current scenerio, whereas modern competitors like Reflektive, Zugata, and a few others have raised large VC rounds to create ‘new versions’ of the legacy products – but they too suffer from the same problems.
The startup also claims that in just 6 months of going live, 230+ teams and 60K users spread across 12+ countries have signed up for Engazify and have shared more than 12K feedback messages till date.
One of Engazify’s clients, Iflix, is said to be seeing a 120% increase in amount of feedback exchanged and 30% decrease in amount of time spent on performance reviews every month. Other brands like Citrix, Office Depot, and Multiply are seeing similar results.