Inventus & Ideaspring Lead Series A Funding In Cognitive AI Startup Worxogo

Inventus & Ideaspring Lead Series A Funding In Cognitive AI Startup Worxogo

SUMMARY

The startup has raised $2.2 Mn as part of its Series A round

It will use the funding to enhance its cognitive AI offering for enterprises

Cognitive computing is basically focused on reasoning and understanding at a higher level

Bengaluru-based AI-focussed enterprise startup Worxogo has raised $2.2 Mn (INR 16.5 Cr) in a Series A round of funding. Led by Inventus India and Ideaspring Capital, the startup will use the funds to strengthen its cognitive AI led products for enhancing enterprise performance and enter global markets.

Mia, Worxogo’s personal cognitive AI engine learns, predicts behavior and coaches employees for improved business impact. It helps them improve their productivity through actionable advice using principles of neuroeconomics and behavioral science.

For the uninitiated, cognitive computing is a subfield of AI and is nothing but computing that is focused on reasoning and understanding at a higher level. It may be in a manner quite analogous to human cognition that is capable of making high-level decisions in complex situations.

International Data Corporation (IDC) forecasts that spending on AI and ML will grow from $12B in 2017 to $57.6B by 2021. A February 2018 Forbes article further mentioned that 61% of organisations globally most frequently picked Machine Learning / Artificial Intelligence as their company’s most significant data initiative for next year.

According to Parag Dhol, Managing Director at Inventus Capital India, 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.

“Worxogo’s AI coach, Mia is a truly path-breaking product that applies the power of nudge, and neuroscience to coach every employee and the organisation,” added Naganand Doraswamy, Ideaspring Capital.

How Mia Works?

Mia understands what makes employees tick by recognising workplace behaviour preferences (intrinsic and extrinsic motivations) and their responses to nudges.

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.

It delivers significant business impact- including at least a 25% increase in sales, higher productive employees, and reduced supply chain risk. It currently sends one million nudges to over 100,000 users every day. It is currently operational across 35 organisations in five countries.

Why Worxogo Is Optimistic On Mia?

“Creating a truly engaged workforce has been one of the biggest challenges faced by companies across the world. While most performance products focus on company processes, what organisations fail to recognise is the individual employee behaviour that is unique to each employee.

Ramesh Srinivas, CEO and co-founder, Worxogo, believes that Mia will bring a radical shift in how performance is managed in near future. “The conceptual underpinning of Mia-behavioral science, neuroeconomics and AI, are already dominating conversations as tools of change,” he added.

Since its launch in 2015, the company has seen significant success with over 35 customers including Titan Industries, Piramal, PwC, L&T, Sutherland and others with focused applications in sales performance, BPO agent productivity, supply chain and innovation.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Inventus & Ideaspring Lead Series A Funding In Cognitive AI Startup Worxogo-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Inventus & Ideaspring Lead Series A Funding In Cognitive AI Startup Worxogo-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Inventus & Ideaspring Lead Series A Funding In Cognitive AI Startup Worxogo-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Inventus & Ideaspring Lead Series A Funding In Cognitive AI Startup Worxogo-Inc42 Media
Inventus & Ideaspring Lead Series A Funding In Cognitive AI Startup Worxogo-Inc42 Media
You’re in Good company