Moveworks Surpasses $100M ARR as Its AI Copilot Boosts Productivity for Millions of Employees Worldwide
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Sep 24, 2024--
Moveworks, the leading generative AI copilot for employee support, announced today that it has surpassed $100 million in annual recurring revenue (ARR), becoming the first AI application startup to achieve Centaur status. Over the past two years, its customer base has doubled, now serving 10% of Fortune 500 employees.
Recent research from Gartner found that companies are struggling to find value in their generative AI (GenAI) projects, with as many as a third expected to be abandoned. The true leaders in the space will be defined by their ability to deliver clear value and measurable ROI. Moveworks is at the forefront of this transformation, delivering an AI Copilot for all employees that saves customers like Honeywell, Toyota, and Broadcom an aggregate of hundreds of thousands of productivity hours each year, with new customers like Marriott International joining the growing list of companies adopting Moveworks’ technology.
“Businesses are looking to integrate generative AI across their entire operations, but effectively serving employees has been a challenge,” said Bhavin Shah, CEO and co-founder of Moveworks. “Point solutions, like those based solely on retrieval-augmented generation (RAG) won’t cut it. Simply helping employees search for information doesn’t provide measurable ROI. What’s needed is a unified platform that not only allows employees to search for information but take action within those systems as well. This combination is one that customers have found significant value in, and ultimately makes it much easier to justify in the long run.”
While many companies have scrambled to include GenAI capabilities into their product in the form of copilots, Moveworks offers an independent copilot that unifies all business systems into one conversational interface. Powered by an agentic reasoning engine, the Moveworks Copilot allows employees to get help, find information, and take action across any enterprise application — directly from platforms they already use, like Microsoft Teams and Slack. Whether it's searching for files in Sharepoint or Google Docs, unlocking an account in Okta, updating records in Salesforce, or booking vacation days in Workday, Moveworks' intuitive interface enables employees to perform these tasks all from chat.
"As the AI landscape rapidly evolves, enterprises aren’t just looking for promises — they want real impact,” said Mamoon Hamid, Partner, Kleiner Perkins. “Moveworks has not only anticipated this demand but has delivered on it with a solution that scales effortlessly and drives meaningful results. This milestone is a testament to Moveworks’ ability to innovate and execute in a fiercely competitive market."
Moveworks has been a leader in AI since its inception in 2016, becoming one of the first AI application companies to leverage large language models (LLMs) in 2019. By the time ChatGPT made waves in 2022, Moveworks was already ahead of the curve, with years of experience deploying LLMs applications at scale. Today, Moveworks’ agentic Copilot combines best-in-class LLMs — like OpenAI’s GPT models and Meta’s Llama models —with its in-house ML models and proprietary LLM, MoveLM, to deliver the most sophisticated agentic reasoning engine on the market.
"Moveworks has consistently demonstrated that AI can go beyond hype to deliver measurable ROI,” said Arif Janmohamed, Partner at Lightspeed. “Having worked with the team since Day One back in 2016, we have witnessed Moveworks push the envelope of what’s possible with AI and shape how enterprise software will evolve over the next decade. Reaching $100 million in ARR is a remarkable milestone that demonstrates the team’s commitment to innovation, and more importantly, customer success.”
To book a demo, please visit: https://www.moveworks.com/demo
About Moveworks
Moveworks is the universal AI copilot for search and automation across all your business applications. We give employees one place to go to find information and get support while reducing costs for your business. The Moveworks Copilot is powered by an industry-leading Reasoning Engine that uses a combination of public and proprietary language models to understand employee queries, then build and execute multi-step plans that achieve them. The world’s most innovative brands like Databricks, Broadcom, Hearst, and Palo Alto Networks trust Moveworks to eliminate repetitive support issues, deliver instant knowledge, and empower employees to work faster across applications.
For more information, visit: Moveworks.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20240924673814/en/
CONTACT: Sophia Xepoleas, Head of Communications
Email:press@moveworks.ai
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: SOFTWARE TECHNOLOGY ARTIFICIAL INTELLIGENCE
SOURCE: Moveworks
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