inFeedo, a SaaS-based people analytics startup has closed a round of funding from Y Combinator and other companies, to raise $700,000.
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With this funding, inFeedo's short-term vision is to double down on hiring to fill up key management roles from Chief Operating Officer, Chief Managing Officer to Chief Technology Officer.
It is also planning to expand its customer base, to generate revenue worth $10 million.
Other angel investors that took part in the pre-Series A round include Ritesh Malik (Founder at OYO-acquired Innov8), Peyush Bansal (CEO at Lenskart), Vinod Muthukrishnan (CEO at Cisco-acquired Cloudcherry), Anand Chandrasekaran (Former Snapdeal CPO and Facebook Director), Sunder Nookala (CEO at OC Tanner-acquired Kwench) and Anil Advani (CEO at Inventus Law and 100x Entrepreneur Fund), that led an oversubscribed syndicate via LetsVenture.
"Having benefited directly from Amber at OYO, as a customer, I was already motivated to invest in inFeedo as a company with a strong value system that's always prioritised customer advocacy over investor relations", says Dr. Ritesh Malik.
A key component of the YC program will be Demo Day where companies in the batch can pitch to several global venture capitalists, investors for possible strategic acquisitions as well.
"It’s the founder’s persistence and hustle clubbed with the massive growth opportunity in the employee experience market brought on by the shift to remote work that made me invest immediately," said Vinod Muthukrishnan.
"In spite of running a cash flow positive business, our main aim to fundraise during the pandemic was to double down in South-East Asia and build a leadership team that helps customers remotely connect with their employees better and come out of COVID-19 stronger than before," says CEO and Founder Tanmaya Jain.
inFeedo also plans to enhance capabilities to engage remote workforces, leadership and manager effectiveness, and ability to run pulse surveys.
Since its inception in 2013, inFeedo has built a presence in more than 50 countries with over 100 customers including enterprises like Airtel, GE Healthcare, Nivea, Lenovo, AXA Affin General Insurance, Tata Group, Unilever, Puma, OYO, to name a few.
inFeedo's employee experience bot ‘Amber’ launched in 2016 aims to help HR functions across global organizations measure employee engagement, analyse individual employee and organizational sentiment, predict attrition, and highlight insights on culture.
Amber being artificially intelligent (AI) exercises empathy to not just ask but also respond to employees at different touch points. Her predictive analytics-enabled dashboard helps HR glean quick actionable insights in real-time. Amber's recent feat includes doubling the average tenure from 1.5 years to 3.02 years across global BFSI organizations she serves.