Moveworks

Last updated
Moveworks
Company type Private
Industry Enterprise software
Artificial intelligence
Natural language understanding
Probabilistic machine learning
Founded2016;8 years ago (2016)
Key people
  • Bhavin Shah
  • (CEO)
  • Vaibhav Nivargi
  • (CTO)
  • Varun Singh
  • (VP of Product)
  • Jiang Chen
  • (VP of Machine Learning)
Number of employees
500+
Website moveworks.com

Moveworks is an American artificial intelligence (AI) company headquartered in Mountain View, California. The company develops an AI platform, designed for large enterprises, that uses natural language understanding (NLU), probabilistic machine learning, and automation to resolve workplace requests.

Contents

Moveworks’ customers include Autodesk, Broadcom, and other firms. [1] [2] Employees converse with the Moveworks chatbot to submit their requests, which Moveworks analyzes and then resolves via integrations with other software applications. Moveworks is available in business communication tools such as Slack and Microsoft Teams, as well as through online platforms such as ServiceNow and SharePoint. [3]

As of its Series C financing round in June 2021, Moveworks is valued at $2.1 billion and has raised $315 million in total funding. [4] The company’s investors include Tiger Global, Alkeon Capital, and other firms. [5]

History

Moveworks was founded in 2016 by Bhavin Shah (CEO), Vaibhav Nivargi (CTO), Varun Singh (Vice President of Product), and Jiang Chen (Vice President of Machine Learning). [6] [7]

The founders recognized the potential of an AI-powered chatbot to resolve a significant portion of employees’ support issues, without involvement from a corporate help desk. [8] This model would enable self-service for employees with common requests or questions.

After working with a group of lighthouse customers to automate IT support use cases, Moveworks came out of "stealth mode" in April 2019, following a $30 million Series A investment from Lightspeed Venture Partners and Bain Capital. [6] The company raised a $75 million Series B round in November 2019 and a $200 million Series C round in June 2021. [7] [4]

Moveworks initially solved employees’ IT support issues. In March 2021, the company expanded its Employee Service Platform to address issues concerning other lines of business, including HR, finance, and facilities. [9] Moveworks also released an internal communications solution that allows company leaders to send interactive messages to employees.

Moveworks was recognized as the Best Chatbot Solution at the 2021 AI Breakthrough Awards, [10] named to the Forbes AI 50 in 2019, 2020, and 2021, [11] [12] [13] and selected as one of the Most Innovative Tech Companies of the Year at the 2021 American Business Awards. [14]

Technology

The Moveworks platform comprises a multitude of specialized machine learning models, such as variants of the BERT language model. These models are trained on historical support tickets in order to process and fulfill new requests; for example, answering policy questions, accessing software, and editing email groups. As of October 2021, Moveworks is capable of resolving requests written in across 100+ languages. [1]

A central goal of Moveworks' machine learning process is to augment the "small data" of its customers. Training deep learning models often requires very large data sets; for example, millions of annotated requests for a new laptop. [15] Whereas few companies possess a sufficient quantity of such requests from their own employees, Moveworks leverages Collective Learning across many companies to make high-accuracy predictions about how to resolve a given issue. [16]

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References

  1. 1 2 "How Moveworks' AI platform broke through the multilingual NLP barrier". VentureBeat. 2021-10-24. Retrieved 2021-11-09.
  2. ↑ Roof, Katie (June 30, 2021). "Workplace Chatbot Firm Moveworks Reaches $2.1 Billion Valuation". Bloomberg. Retrieved November 9, 2021.
  3. ↑ Moveworks. "Moveworks pioneers the first multilingual AI platform built to support global companies". www.prnewswire.com (Press release). Retrieved 2021-11-10.
  4. 1 2 "Moveworks raises $200M to automate enterprise IT tasks". VentureBeat. 2021-06-30. Retrieved 2021-11-09.
  5. ↑ Moveworks. "Moveworks Raises $200 Million in Series C Funding to Support Work-from-Anywhere with AI". www.prnewswire.com (Press release). Retrieved 2021-11-09.
  6. 1 2 D'Onfro, Jillian. "Moveworks Raises $30 Million To Stop Employees From Hating IT". Forbes. Retrieved 2021-11-09.
  7. 1 2 Miller, Ron (2019-11-14). "Moveworks snags $75M Series B to resolve help desk tickets with AI". TechCrunch. Retrieved 2023-02-07.
  8. ↑ "Forrester Reprint". reprints2.forrester.com. Retrieved 2021-11-09.
  9. ↑ Ray, Tiernan. "Language AI startup Moveworks expands beyond IT to finance, HR, other corporate communications". ZDNet. Retrieved 2021-11-09.
  10. ↑ "2021 Winners | AI Breakthrough Awards" . Retrieved 2021-11-10.
  11. ↑ D'Onfro, Jillian. "AI 50: America's Most Promising Artificial Intelligence Companies". Forbes. Retrieved 2021-11-10.
  12. ↑ Ohnsman, Alan. "AI 50 2020: America's Most Promising Artificial Intelligence Companies". Forbes. Retrieved 2021-11-10.
  13. ↑ Ohnsman, Alan. "AI 50 2021: America's Most Promising Artificial Intelligence Companies". Forbes. Retrieved 2021-11-10.
  14. ↑ "Company / Organization Awards | Stevie Awards". stevieawards.com. Retrieved 2021-11-10.
  15. ↑ Mani, Chithrai. "Council Post: How Is Big Data Analytics Using Machine Learning?". Forbes. Retrieved 2021-11-09.
  16. ↑ "The secrets of small data: How machine learning finally reached the enterprise". VentureBeat. 2020-10-08. Retrieved 2021-11-09.
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