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
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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.
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