Artificial Intelligence (AI) company Worxogo that offers a cognitive AI engine as a software-as-a-service or SaaS application has secured an amount of Rs 16.5 crore in its first funding round, which was led by Inventus Capital and Ideaspring Capital.
The company plans to use these funds for the purpose of entering the US market, where it has also applied for a patent for its AI engine, called Mia.
“The engine is based on behavioural science, neuroeconomics and AI, which, when integrated to the enterprise system, can serve as a cognitive digital assistant to nudge employees to improve productivity,” said CEO Ramesh Srinivas.
The Worxogo app sends “nudge” notifications to employees on a daily basis to improve performance, based on the individuals’ behavioural patterns. The backers stated that the originality of the idea along with the experience of the team and the potential of the venture in the US market led to this funding round.
“Behavioural science and neuroeconomics are new, exciting areas and the combination of that to benefit enterprises while offering personalised assistance to employees is what excited us,” said Parag Dhol, MD, Inventus India.