Skip to content

GREENGROUND

Daily Insights for a Smarter Tomorrow

Menu
  • Home
  • Medium
  • About Us
    • Mission
    • Contact Us
Menu

Moveworks snags $75M Series B to resolve help desk tickets with AI

Posted on November 14, 2019 by Livio Andrea Acerbo

Moveworks, a startup using AI to help resolve Help Desk tickets in an automated fashion, announced a $75 million Series B investment today.

The round was led by Iconiq Capital, Kleiner Perkins and Sapphire Ventures. Existing investors Lightspeed Venture Partners, Bain Capital Ventures, and Comerica Bank also participated. The round also included a personal investment from John W. Thompson, who is a partner at LightSpeed Venture Partners and chairman at Microsoft. Today’s investment brings the total raised to $105 million, according to the company.

That’s a lot of money for an early-stage company, but CEO and co-founder Bhavin Shah says his company is solving a common problem using AI. “Moveworks is a machine learning platform that uses natural language understanding to take tickets that are submitted by employees every day to their IT teams for stuff they need, and we understand [the content of the tickets], interpret them, and then we take the actions to resolve them [automatically],” Shah explained.

He said the company decided to focus on help desk tickets because they saw data when they were forming the company that suggested a common set of questions, and that would make it easier to interpret and resolve these issues. In fact, they are currently able to resolve 25-40% of all tickets autonomously.

He says this should lead to greater user satisfaction because some of their problems can be resolved immediately, even when IT personnel aren’t around to help. Instead of filing a ticket and waiting for an answer, Moveworks can provide the answer, at least part of the time, without human intervention.

Aditya Agrawal, a partner at Iconiq, says that the company really captured his attention. “Moveworks is not just transforming IT operations, they are building a more modern and enlightened way to work. They’ve built a platform that simplifies and streamlines every interaction between employees and IT, enabling both to focus on what matters,” he said in a statement.

The company was founded in 2016, and in the early days was only resolving 2% of the tickets autonomously, so it has seen major improvement. It already has 115 employees and dozens of customers (although Shah didn’t want to provide an exact number).

social experiment by Livio Acerbo #greengroundit #techcrunch http://feedproxy.google.com/~r/Techcrunch/~3/AHr2chA-MTo/

Share this:

  • Click to share on Facebook (Opens in new window) Facebook
  • Click to share on X (Opens in new window) X
  • Click to share on LinkedIn (Opens in new window) LinkedIn
  • Click to share on Tumblr (Opens in new window) Tumblr
  • Click to share on Mastodon (Opens in new window) Mastodon
  • More
  • Click to share on Reddit (Opens in new window) Reddit
  • Click to share on Pocket (Opens in new window) Pocket
  • Click to share on Telegram (Opens in new window) Telegram
  • Click to share on WhatsApp (Opens in new window) WhatsApp

Like this:

Like Loading...
Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie Policy
  • Twitter
  • Facebook
  • YouTube
  • Instagram
  • Telegram
©2025 GREENGROUND | WordPress Theme by Superbthemes.com
This website uses cookies
This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish.Accept Reject Read More
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT
%d