US-based automated conversation technology developer Moveworks has secured $75m in a series B round that included financial services firm Comerica Bank.
The round was co-led by Iconiq Capital, Kleiner Perkins and Sapphire and also featured Bain Capital Ventures – private equity firm Bain Capital’s venture capital arm – Lightspeed Venture Partners and John W. Thompson, the Lightspeed partner who is also chairman of software provider Microsoft.
Moveworks has built a cloud platform that helps enterprises resolve internal IT issues using artificial intelligence technology. The capital will support work on its conversational AI and natural language processing technology in a bid to expand it to other areas.
Bhavin Shah, Moveworks’ chief executive, said: “Building Moveworks over the past three years has been an exercise in discipline and focus. The possibilities of AI are so vast that many startups get trapped by the allure of solving every problem their customers present to them.
“We chose to focus on a single problem that’s been holding IT support back for the last 30 years: resolving IT tickets, quickly and with minimal disruption to employees’ day-to-day jobs. We focused AI on deeply understanding enterprise IT support tickets to solve this very difficult problem. And we have succeeded.”
Lightspeed Venture Partners and Bain Capital Ventures had previously supplied $30m in series A funding for the company in April this year.
