Moveworks, a US-based conversational technology developer backed by financial services firm Comerica Bank, completed a $200m series C round yesterday at a valuation of $2.1bn.
The round was co-led by hedge fund managers Tiger Global Management and Alkeon Capital Management. They were joined by Lightspeed Venture Partners, Sapphire Ventures, Bain Capital, Iconiq Growth and Kleiner Perkins.
Founded in 2016, Moveworks has built a cloud software platform which uses conversational artificial intelligence technology, semantic search and natural language processing to help enterprises resolve internal IT issues, policy changes, disruptions and human resources issues.
The product allows customers to order hardware for home offices, keep pace with changing policies, troubleshoot remote collaboration tools and clarify healthcare benefits while using an enterprise messaging tool such as Microsoft Teams or Slack.
The round bought Moveworks’ overall funding to $315m and it will use the latest financing to further expand its platform and broaden its customer base. Nikesh Arora, chairman and CEO of cybersecurity software provider Palo Alto Networks, will join its board as an independent director.
Moveworks secured $75m in a late 2019 series B round co-led by Iconiq Capital, Kleiner Perkins and Sapphire Ventures that included financial services firm Comerica Bank.
The round also featured private equity firm Bain Capital’s venture capital arm, Bain Capital Ventures, as well as Lightspeed Venture Partners and John W. Thompson, a partner at Lightspeed. It came after Lightspeed and Bain Capital Ventures supplied $30m in series A funding for the company in April 2019.