Simpplr, a company that helps employers provide a better experience to workers via AI-powered engagement solutions, announced today that it raised $70 million from various venture capital firms during its Series D funding round.
According to the press release published this morning, the round was led by Sapphire Venture and included some previous backers like Norwest Venture Partners and new ones such as Tola Capital and Salesforce Ventures.
Simpplr has raised $131 million from investors since it was founded in 2014. The firm is led by its founder, Dhiraj Sharma, and has been included in several business lists including the Forbes 2023 Best Startup Employers and BuiltIn 2023 Best Places to Work.
This is What Makes Simpplr Unique According to its Founder and Backers
“Simpplr makes it easy for employees to feel connected to one another and their employers, creating belonging and ultimately, driving performance”, commented Jai Das, the President and Partner of Sapphire Ventures. Das will be joining Simpplr’s Board following the completion of this Series D round.
Sharma stated that Simpplr’s solutions are gaining more traction lately as employers have been giving more importance to employees’ experience in the workplace and the impact that culture has on productivity.
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“From measuring employee engagement in real-time to enabling effective communication and building community and connection, Simpplr’s customers continue to realize how important EX is to retention, productivity, and talent acquisition.” Sharma asserted.
Some of Simpplr’s most prominent customers include the World Economic Forum, SoFi Technologies, DocuSign, and the United States Olympic Committee.
Simpplr offers access to a 14-day free trial via a demo account for prospective customers to give the software a try before committing to a subscription. The company does not disclose its subscription prices publicly but its website state that they charge based on usage volumes and how many users are registered.
Alongside this announcement, Simpplr also onboarded several new executives to its staff including a new Chief Revenue, Chief Product, and Chief Data Scientist, Chief Marketing, and Chief Technology Officer.
More About Simpplr and Its Employee Engagement Solutions
The company’s solutions include an AI-powered employee listening tool and a modern intranet that helps businesses communicate relevant news and updates to their workers. The firm currently employs approximately 450 people and its annual recurring revenue is expected to grow by 70% within the next 12 months.
According to its website, Simpplr currently serves over 700 customers and has more than 1 million active users. The firm is headquartered in Redwood City, California, and has offices in India, the United Kingdom, and Canada.
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The company’s AI-centered approach has been deemed by Sharma as the key to Simpplr’s success in a space that is heavily competed. In this regard, the tech entrepreneur commented to TechCrunch that the integration of OpenAI’s ChatGPT to its platform via the “SmartWriting” product showcases what the company intends to do.
SmartWriting helps businesses create content that employees will be reading with the assistance of OpenAI’s AI models. In addition, other solutions such as its AI-powered employee listening software processes and analyses workers’ responses and interactions within the platform to provide insights that help employers make changes to their policies, benefits, or approach to certain topics of discussion.
“Employee Listening analyzes a broad range of sentiment data gathered throughout the Simpplr platform, incorporating polls, pulse and traditional surveys, Sentiment Check, Awareness Check, and everyday interactions”, the company website reads.
These solutions raise some questions about how the company handles the data that the system gathers from its customers and how the privacy of employees is protected if everything they share and say within the platform is being analyzed.
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