Software engagement firm Whatfix raises Series B funding
Whatfix, which provides solutions for engagement with software, has raised $12.5 million (Rs 87 crore at current exchange rate) in a Series B funding round led by Eight Roads Ventures, which is the proprietary investment arm of asset manager Fidelity International Ltd.
The following also participated in the round: Network gear maker Cisco Systems Inc and existing investors Stellaris Venture Partners and Helion Ventures Partners, said a company statement.
As a digital adoption platform, Whatfix suffuses enterprise applications so they can display in-app guidance for users.
Whatfix, owned by Quicko TechnoSoft Labs Pvt. Ltd, will use the capital to continue its expansion into the US (United States), Europe, West Asia and Africa. The company is also planning to set up an office in the UK (United Kingdom).
According to the statement, Whatfix saw its customer base grow more than 400% in 2018, adding clients including Sophos Group Plc., Trotec Laser, ManpowerGroup NL, Cisco Systems Inc. and BMC Software Inc.
Whatfix was co-founded in April 2013 by Khadim Batti, who previously worked with China's Huawei Technologies as the head of its business intelligence department; and Vara Kumar, a technical head at Huawei. In 2015, Whatfix had raised $900,000 in a seed funding round led by Helion Venture Partners.
“Soon, there will be widespread automation with artificial intelligence and machine learning changing the way we work,” said Batti, co-founder and chief executive of Whatfix.
Shweta Bhatia, partner at Eight Roads Ventures, said, “Enterprises want faster payback on their software investments and quick adoption is key to that.”