Artificial Intelligence (AI) startup Worxogo has raised Rs 16.5 crore from Inventus Capital and Ideaspring Capital. The three year old startup claims that its AI technology can help in significantly improving employee’s productivity.
Worxogo will utilize the funds for entering in the highly competitive U.S. market. The startup has already applied for patent license for its in-house AI engine ‘Mia’ in the U.S, said CEO Ramesh Srinivas.
Parag Dhol, MD of Inventus Capital (India), said that the company
was impressed by Worxogo’s novel idea, team’s capabilities and immense potential of the U.S. market. Dhol added that he was also pleased by the untapped potential of behavioral science and neuroeconomics.
Explaining on how Worxogo’s AI works, CEO Ramesh Srinivas said that Worxogo app acts as personal digital assistant to send ‘nudge’ notifications to employees on day-to-day basis. The app works on a superlative engine based on behavioral science, neuroeconomics and AI, Srinivas added.
With hype around AI refusing to abate, investors are not surprisingly showing huge interest in AI focused startups. Global investors are especially showing great interest in those startups that are leveraging the power of breakthrough technologies like AI for solving everyday problems.