Bangalore-based Worxogo, an Artificial Intelligence (AI) led tech startup driving performance in enterprises, has raised ₹16.5 crore in Series A funding from Inventus India and Ideaspring Capital.
The startup will use the funds primarily to scale its AI engine, called Mia and enter the US market, where it has also applied for a patent for its Mia. The startup, which already has presence in Singapore, will also use funds to expand into global markets.
Launched in 2015, by a team of seasoned professionals with decades of experience with organisations such as PwC, IBM, KPMG and Ernst & Young – Ramesh Srinivas, Ravi Bhamidipati and Sudha Bhamidipati, Worxogo uses an AI engine to improve employee performance and claims to increase sales by 40% in 3 months of implementation.
The startup’s flagship product ‘Mia’ is employees’ personal digital coach which is a self-learning AI engine, that uses proprietary deep-learning algorithms to assess employees’ individual performance, personality traits and uses predictive analytics to nudge, and improve their performance.
Mia gives actionable advice using principles of neuro-economics and behavioural science. It understands what makes employees tick by recognizing workplace behaviour preferences (intrinsic and extrinsic motivations) and their responses to nudges. Mia coaches over 1 lakh people every day across over 35 organisations and five countries.
“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,” said Ramesh Srinivas, CEO and co-founder of Worxogo, which counts Axis Bank and Piramal group as its clients.
Built on proprietary machine-learning algorithms that assess each employee’s unique behaviour preference, along with performance data, Mia sends customised nudges to employees regularly to help drive business performance, said the firm. It added that Mia delivers significant business impact — including at least 25 per cent rise in sales, higher productive employees and reduced supply chain risk.
“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,” Parag Dhol of Inventus India said.
Source – Business Line
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