AI-Powered Digital Skills Assessment Start-up iMocha Raises $14 Million in Series A Funding
– Utilized by Fortune 500 companies, the profitable iMocha grew 400% over the last two years
PUNE, India, Jan. 27, 2022 /PRNewswire/ — AI-powered digital skills assessment platform, iMocha, today announced a $14 million Series A investment round led by Eight Roads Ventures, with participation from existing investors Upekkha and Better Capital. Aditya Systla from Eight Roads Ventures and Prasanna Krishnamoorthy from Upekkha will join iMocha’s board of directors.
This is the first institutional raise by the profitable bootstrapped start-up, iMocha operates out of India and the US. The new injection of funding will be deployed to increase iMocha’s skill library selection, reach more global enterprises, and widen its partnership base within the HR Tech ecosystem.
“Without a skill assessment platform to help measure and scale their talent pool, businesses will quickly lose out on talented team members. At iMocha, we’ve built the broadest and deepest technology skills library in the world with measurable outcomes. Our partnership with Eight Roads gives us a great launching pad to serve every Fortune 500 customer needing a skill assessment platform,” said Amit Mishra, co-founder and CEO at iMocha.
Founded in 2015, iMocha enables talent acquisition and management teams to thoroughly assess individual skills proficiency with job-role based assessments for both recruitment and learning. Leveraging powerful AI simulators, interviewing tools, and talent analytics, iMocha is the most comprehensive skills assessment platform serving fast growing global organizations.
“By 2025, 50% of the world’s workforce will have to upskill to next-gen digital skills. And by 2030, 60% of the skills required to perform enterprise roles will be different, making ‘skills’ the new currency for staying relevant and competitive. Because of our innovation and most importantly, our ability to create a skill-fit market, numerous Fortune 500 and global enterprises entrust us with their skills assessment and benchmarking needs,” said Sujit Karpe, Co-Founder and CTO at iMocha.
iMocha’s next-gen products for Upskilling and Recruiting are reimagining digital skills assessment. Its library has over 2,000+ assessments across coding, data science, AI, ML, cybersecurity, RPA, enterprise applications, cloud computing, storage, network, infrastructure management, application development, aptitude, banking, and more.
“Technology has been disrupting the way we work and increasingly, every business is transforming into a tech first company. The idea of a ‘one-time digital transformation’ is passé and the ability to quantify and analyze the skills matrix of an organization is critical to effectively drive recruitment and incorporate into learning and development strategies,” said Aditya Systla, Partner at Eight Roads Ventures. “Leveraging an expansive and unique skills database, iMocha’s AI-powered assessment platform has enabled organizations to make the talent management processes more robust and efficient. Over the past few years, Amit, Sujit and the entire iMocha team have built a unique SaaS platform helping companies stay ahead of the curve on talent management and we are thrilled to be their partners on this journey.”
With iMocha’s skill assessment platform, organizations can find job-fit candidates and measure the ROI of L&D programs to build winning teams.
iMocha is the world’s largest AI-powered digital skills assessment platform that helps organizations build winning teams. iMocha empowers organizations to thoroughly assess employees and candidates for identifying and benchmarking their skills proficiency according to industry or company standards. The organization serves 300+ clients globally, including numerous fortune 500 companies and global enterprises. To learn more about iMocha, visit the website www.imocha.io
About Eight Roads Ventures
Eight Roads Ventures is a global investment firm backed by Fidelity. Eight Roads Ventures manages $8 billion of assets across Asia, Europe, Israel and the US, with a focus on technology, healthcare and consumer. Eight Roads Ventures has been investing in India since 2007 and some of the firm’s tech investments in India include Icertis, Shadowfax, Securonix, Whatfix, MoEngage, FarEye, StashAway, BankBazaar, Early Salary to name a few.
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