Leena AI, an artificial intelligence-based employee experience platform, has declared a USD 8 million funding in Series A round led by Greycroft. The company’s official release stated that the funding would be used for expanding its go-to-market programs, hiring talent, and escalating product development.
Apart from Greycroft, the financing round also included a personal investment from Adam Miller, the Founder and Co-Chairman of Cornerstone OnDemand; Alan Patricof, the Chairman of Greycroft; and Jim Moffatt, the Ex-Chairman and CEO of Deloitte Consulting. Along with the funding, Mark Terbeek, a partner at Greycroft, will also be joining Leena AI’s board.
In 2018, Leena AI worked to build an intelligent virtual assistant, also known as a chatbot, to address human resources-related concerns. The company has recently given a thought to concentrate more on HR delivery services. The Series A round will allow Leena AI to continue its growth and momentum and develop ways to modernize employees’ experience.
For the chatbot, the company leveraged artificial intelligence to automatically provide real-time answers to employee queries to create a better support system. With Leena AI, businesses can simplify their employee management system and meet employee needs and process gaps.
“Our intention is to cover all major workflows and help modernize all the legacy workflows and processes throughout the employee lifecycle with the help of AI,” said Adit Jain, Co-founder and CEO, Leena AI.
He further added, “As a part of our continuous effort to make life easier for enterprise employees, we will also be onboarding resellers and building long-term partnerships.” This funding will push the mission of elevating employee experience with AI-powered conversations and insights and become the Siri for enterprise employees.
When asked, Mark Terbeek, the partner at Greycroft, who will join the Leena AI team, stated to the media that keeping employees has been important for attracting and retaining world-class talent. And with the proliferation of remote work environments, it would even be more crucial to keeping employees satisfied.
According to Terbeek, with artificial intelligence, the company has built a scalable AI platform to address employee requests, thus becoming a single access point for all of its critical HR needs.
In the last nine months, Leena AI’s team has expanded from 30 to 75 employees and has engaged more than 100 enterprise customers such as LafargeHolcim, Coca-Cola, Abbott, AirAsia, Sony Pictures, and Vodafone. The company has also managed to increase its employee count to more than 150,000, with revenue growth of 350%.
One of the investors named Jim Moffatt believed that for any organization to grow, it is vital to concentrate both on employee experience and engagement for digital transformation. He further expressed to media that Leena AI is genuinely focusing on empowering mid-market and enterprise companies to transform their employee’s digital experience, driving huge efficiencies while maximizing employee engagement.