Last year, many organizations had “digital transformation” in mind. Pandemics and the changes they bring to work are accelerating investment in new apps, infrastructure, and work practices, increasing productivity wherever you sit. Day. Now we seem to be moving on to the next stage of the journey. In other words, you really come up with a way to adopt and implement all the new technologies.
As a sign of the times, it is now called a startup Whatfix — By providing users with chatbot-style guidance on how to use the app, we have built a platform that allows us to make better use of our technology investment. You also have the option to suggest — announcing $ 90 million in funding. CEO Khadim Batti, co-founded with Vala Kumar (CTO), said in an interview this week.
Sources close to the company, headquartered in San Jose and Bangalore, confirmed that the Series D round was valued at approximately $ 600 million. That’s three times the value of Whatfix in last year’s Series C round.
This sharp rise is partly due to today’s market conditions, but also due to the company’s growth in a larger trend. Whatfix currently has approximately 500 global clients including the Dutch Red Cross, Experian, Sentry Financial Services, Cardinal Health Canada, Bausch + Lomb and Bausch + Lomb. About 75% of its business comes from the United States and another 18% comes from Europe. Revenues over the last six months have increased at a rate of 100% quarterly.
“This pandemic has proven to be an inflection point for adoption,” said Batty (pictured above, Kumar on the left, right).
This latest equity financing comes from a mix of financial and strategic investors.
SoftBank’s Vision Fund 2 leads the round, with investments from Eight Roads Ventures, Sequoia Capital India, Dragoneer Investment Group, F-Prime Capital and Cisco Investments. The company has raised a total of just under $ 140 million.
“Digital adoption solutions” (a common term for whatfix builds) have become a popular solution for companies that have fallen into IT pickles, Batti said.
“Over $ 500 billion is spent on rapidly growing enterprise software such as SaaS. There’s a lot to it and every employee has access to do a better job. But most people don’t adopt or use the software. This means a lot. [of inefficiency] With “digital transformation,” Batti said. “We are focused on solving this problem.”
Digital adoption and digital experiences have come in many forms these days.
This includes an assistant embedded directly in the app itself (there is also an older version of this assistant, such as Clippy in Word, which is about the same as the software itself). This category also includes separate platforms that integrate with your apps and backends, providing intelligence on how best to use your data and what you use, as well as a single point of data capture. (Dooly For the sales team, that’s one example, but I’m not sure if it describes itself as a “digital deployment solution”).
I like others Pend The focus is on observing how your site or app is adopted and used by others. In addition, there are many other companies that are specifically considering digital adoption by companies and are in direct competition with Whatfix. Apty, Userlane, Applearn, etc.
One of the biggest — WalkMe — yesterday Announced IPO With an estimated $ 2.5 billion valuation.
Overall digital adoption and digital experience is a big company: one analyst Estimate The market is currently growing at a pace of just under 11% annually and is projected to be worth $ 15.8 billion by 2025.
Whatfix is built on the premise that it sits on top of the apps that businesses choose to use and works with almost all of the latest software, Batti said. This includes Whatfix, which can assist your app even if it’s customized for your particular workplace. It usually appears on the user’s screen like a small chatbot like the one in this paragraph, and can be expanded with more details and information as needed:
The company works with the most popular software packages such as Salesforce, MS Dynamics, Oracle’s CRM platform, ServiceNow, SuccessFactors, SharePoint, and Workday, but in the form of browser extensions or overlays integrated by the corporate IT department. Because it is used in. , Can be used to guide people in any application available on the web. According to Batti, one of the startup’s priorities is to build deeper integration with specific apps so that Whatfix can be used better not only via the web, but across mobile and local apps in the future. Is to do.
Many may think of “digital adoption” as training to use a particular software package. Whatfix is used for that, but the company finds a lot of traction as a tool that goes beyond that, providing more regular and overall support. Help guide people how to use the app, monitor what the user is doing to suggest what to do next, or “next” means use another app A wide range of use cases, such as filling in related fields if you want to.
The platform can be used to create usage guides, multilingual support, multi-device support, user tracking, and more, with low-code options (one line of code can be integrated into your app). ..
With assistants, the company can increase employee productivity by 35%, reduce training time and costs by 60%, reduce employee case tickets by 50%, and improve application data accuracy by 20%. Claims.
Today, the field of digital adoption is very crowded, but it’s not just these numbers, Whatfix’s own growth, and the higher performance of software that’s attracting investors’ attention. , The fact that it is becoming more complicated.
Munish Varma, Managing Partner of SoftBank Investment Advisers, said in a statement: “Whatfix makes SaaS products easier to use and more productive. Whatfix has clients around the world and is in a good position to become a leader in DAS, and we are in their position. We are excited to be on the road, ”adds Sumer Juneja, a partner at SoftBank Investment Advisers. Rapid deployment ensures a return on your software investment. Whatfix solutions are a key driver for enterprises to reach this goal, which is reflected in their growth. “
What’s interesting is how platforms like Whatfix can evolve over time and what features they can perform. For example, one of the biggest vulnerabilities in corporate security is that people accidentally click on dangerous links in emails or unintentionally pass information to malicious hackers. Is there a role of a digital deployment assistant to identify when this will happen and warn people before clicking the wrong way? In any case, the existence and doubts of such loopholes will be addressed by tools like Whatfix in the future. It is a sign that shows the reason why it will continue to appear for a while.
Whatfix nabs $90M to help workers onboard and get the most out of their IT stacks – TechCrunch Source link Whatfix nabs $90M to help workers onboard and get the most out of their IT stacks – TechCrunch