Moveworks, the leading generative AI copilot for employee support, has announced a significant milestone by surpassing $100 million in annual recurring revenue (ARR). This achievement positions Moveworks as the first AI application startup to attain Centaur status, reflecting its robust growth and customer adoption.
Rapid Growth and Adoption
- Doubling Customer Base: Over the past two years, Moveworks has doubled its customer base, now serving 10% of Fortune 500 employees.
- Major Clients: The platform has saved organizations like Honeywell, Toyota, and Broadcom hundreds of thousands of productivity hours annually, with new customers like Marriott International joining its ranks.
Addressing Generative AI Challenges
- Gartner’s Insights: Recent research from Gartner highlights that many companies struggle to find value in their generative AI projects, with a third expected to be abandoned. Moveworks aims to lead in delivering clear value and measurable ROI.
- Unified Platform Approach: CEO Bhavin Shah emphasizes that point solutions focusing solely on retrieval-augmented generation (RAG) are insufficient. Moveworks provides a unified platform enabling employees to both search for information and take action within their systems, enhancing overall productivity.
Innovative Copilot Features
- Agentic Reasoning Engine: Moveworks offers an independent copilot that integrates all business systems into a single conversational interface. Employees can receive help, find information, and perform actions across various enterprise applications directly through platforms they already use, such as Microsoft Teams and Slack.
- Task Automation: Whether it’s unlocking an account in Okta, searching for files in SharePoint, or booking vacation days in Workday, Moveworks’ interface allows employees to manage tasks seamlessly through chat.
Industry Recognition and Future Outlook
- Industry Demand for Impact: Mamoon Hamid from Kleiner Perkins notes that enterprises are looking for real impact from AI solutions, and Moveworks delivers with a scalable solution that drives meaningful results.
- Innovative Foundations: Since its inception in 2016, Moveworks has been at the forefront of AI, leveraging large language models (LLMs) effectively. The company’s Copilot combines top-tier LLMs, such as OpenAI’s GPT and Meta’s Llama models, with proprietary models like MoveLM.
Moveworks has proven that AI can deliver measurable ROI, as affirmed by partner Arif Janmohamed from Lightspeed. The achievement of $100 million in ARR reflects Moveworks’ commitment to innovation and customer success, shaping the future of enterprise software.
