UK-based people analytics software developer Behavox closed a $20m series A1 round yesterday led by financial services firm Citigroup that included venture capital firm Index Ventures.
Behavox has created an artificial intelligence-powered enterprise platform that automates customer relationship management and compliance functions, and provides insights into individual and team behaviours that affect productivity and corporate culture.
The platform is aimed at investment banks, brokerage houses, commodities traders and asset managers. Behavox has reported more than 500% growth over the first half of 2017 and plans to use the series A1 funding to expand into Asia in 2018.
Erkin Adylov, Behavox’s CEO, said: “People analytics software is a pioneering technology making companies smarter, more secure and more successful. The Behavox platform generates previously undetectable insights about corporate conduct, culture and commercial opportunities.
“The demand is being driven by a growing recognition that in the real-time economy, companies cannot afford to have any blind-spots about the strengths and weaknesses of their teams and operations.
Behavox had previously raised an undisclosed amount in a series A round co-led by Hoxton Ventures and Promus Ventures in July 2016. By that point it had already secured $400,000 in 2014 and another $1m the following year, according to UKTN.