US-based digital adoption platform developer Whatfix completed a $90m series D round led by internet and telecommunications group SoftBank’s Vision Fund 2 yesterday.
The round included Cisco Investments, the corporate venturing arm of networking technology provider Cisco, as well as Eight Roads Ventures and F-Prime Capital – both on behalf of investment and financial services group Fidelity – as well as Sequoia Capital India and Dragoneer Investment Group.
Whatfix has developed a digital adoption platform that helps companies to train their employees to fully utilise their software products. It claims its software can reduce employee training time and costs by 60% and increase employee productivity by 35%.
The round valued Whatfix at $600m, it told TechCrunch. It will use the capital to consolidate its position in the US market and accelerate its expansion into new markets including Europe and the Asia Pacific region.
The company will also allocate funding to investment in product development, with a focus on artificial intelligence, enterprise solutions and personalised experiences. The round increased its overall funding to just under $140m.
Sequoia Capital India led a $32m series C round for Whatfix in February 2020 that included Cisco Investments, Eight Roads Ventures and F-Prime Capital, the three having joined Stellaris Venture Partners and Helion Venture Partners in a $12.5m series B round in early 2019.
Whatfi had raised $4.9m of funding from Stellaris Venture Partners, Helion Venture Partners, GSF Accelerator and Powerhouse Ventures across multiple rounds between 2015 and 2017, and collected $300,000 from diversified conglomerate Hanwha Group in 2014.