Bhavin Shah, CEO and cofounder of Moveworks, says the company aims to build an AI tool that becomes a"single place where all employees can go ask questions, search and get help."Moveworks has crossed $100 million in annual recurring revenue, a milestone that many hyped AI startups have not yet reached.
Moveworks’ revenue success comes as buzzy AI companies amass towering valuations while revenues remain fairly dwarfed in comparison. Large language model builder Cohere, valued at $5.5 billion, was generating $22 million in ARR as of July 2024,reported. Enterprise AI search tool Hebbia, which is valued at $700 million, was making $13 million in ARR as of July, according to
But post-ChatGPT, company executives started realizing that their employee service chatbots felt “ancient” in comparison, Shah said. Arif Janmohamed, partner at Lightspeed Venture Partners who led Moveworks seed round in 2016, said the launch of ChatGPT was a “wake up call for all enterprises across the world.”