Workplace Chatbot Firm Moveworks Reaches $2.1 Billion Valuation
(Bloomberg) -- Moveworks Inc., a startup that helps with employee technology support, is now valued at $2.1 billion, according to founder and Chief Executive Officer Bhavin Shah.
The Mountain View, California-based company has raised $200 million in a new investment, Shah said in an interview. The financing was led by Tiger Global Management and Alkeon Capital Management. The company has raised $315 million to date, Shah said.
Moveworks has a range of tools that employers such as LinkedIn, Broadcom Inc. and Western Digital Corp. can use for employee support. The startup uses chatbots and artificial intelligence to help answer questions posed to IT staff, or to other departments such as human resources, finance and facilities.
“Automation has gone from a nice to have to a must have,” said Abhi Arun, managing partner at Alkeon Capital Management, about why his firm invested. He said companies increasingly value the type of efficiency that Moveworks’ tools bring.
Shah, the startup’s CEO, said that a growing remote workforce has been a catalyst for companies embracing businesses like Moveworks.
“Every employee needs instant help,” he said.
The capital will be used for product expansion and hiring, Shah said.
Shah, who sold his last startup, Refresh.io., to LinkedIn, said he has no intention of selling Moveworks and it could go public someday.
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