Moveworks Moves Up With $30 Million Series A

MOUNTAIN VIEW — Moveworks has introduced the industry’s first artificial intelligence (AI) solution to autonomously resolve employee IT issues in the enterprise. Already deployed and endorsed by CIOs at Fortune 500 and leading enterprise companies such as Autodesk, Broadcom, and Nutanix, Moveworks combines Natural Language Understanding (NLU), advanced conversational-AI, and process automation to identify the optimal solution and fully resolve IT issues, instantly and autonomously.

With Moveworks, companies can completely eliminate the need for IT staff to work on tasks such as provisioning applications, resetting passwords, unlocking accounts, managing email lists, and answering questions so they can focus on high-value activities.

Moveworks has raised a $30 million Series A funding from leading venture capital firms Bain Capital Ventures and Lightspeed Venture Partners.

“Technology is the backbone of business productivity, yet, the average IT support ticket takes three entire days to resolve,” said Bhavin Shah, CEO and co-founder, Moveworks. “IT teams waste valuable time and money resolving the same issues over and over again. But it’s a hard business problem to solve and all of the approaches up to now have involved a lot of manual work supported by heavy processes and workflow tools. That’s why we built Moveworks: to provide the enterprise with an instant and autonomous solution that doesn’t just log the issue, but does the work.”

“We decided to approach the problem from a new angle. We developed our own NLU system that’s pre-trained to understand IT support issues,” continues Shah. “Once the system correctly deciphers the issue, it can decide the best course of action to take. And we’ve built numerous integrations into common enterprise tools so we can then go and complete the task or retrieve the right piece of information. We designed the system to learn continuously from every interaction at every customer. So we have this kind of network effect where the more customers we bring on, and the more employees we serve, the smarter the system gets for everyone.”

Shah concludes, “We believe that software should be graded not by how many features it has, or how many workflows you can build, but by how much real work it’s doing, such as completing tasks or resolving issues. This is where strong forms of AI really start to change the game, not just making suggestions but actually doing the work.”

Built by machine learning experts from Google and Facebook, Moveworks concludes that up to 75 percent of enterprise IT support issues can be understood and resolved using AI. The company is on its way to hitting that number, with many customers already seeing 25 percent to 35 percent of their daily IT tickets resolved autonomously by Moveworks.

“The market is full of companies claiming AI capabilities, but most are just using generic machine learning models to make predictions or classify data,” said Enrique Salem, partner at Bain Capital Ventures and former CEO of Symantec. “When I first met Bhavin and his co-founders, I immediately knew they were poised to do something big. The Moveworks team is at the forefront of so many different aspects of machine learning, and they have pulled it all together into this incredibly elegant solution that does real work, resolves real issues, and delivers demonstrable value to their customers. We’re thrilled to be partnering with such a world-class team and look forward to playing a part in the company’s growth and success.”

“Moveworks is one of only a few true AI companies in the enterprise software market,” said Arif Janmohamed, Partner, Lightspeed Venture Partners. “While other companies have been investing in incrementally better user interfaces, or basic applications of Machine Learning, Moveworks has been building an AI system that gets smarter over time and has achieved what no other company in the space has: true autonomy. We’re excited to have partnered with Moveworks from Day One and look forward to an exciting journey ahead.”