A SaaS-based people analytics startup inFeedo has raised $3.2 million in an oversubscribed round after Y Combinator's Demo Day that took place in August this year, it said in a statement. The round was led by Benjamin Ling, Founder at Bling Capital, formerly General Partner at Khosla Ventures and Executive at Google, YouTube, and Facebook. Simon Yoo, former MD at CitiBank APAC, Maninder Gulati, Chief Strategy Officer at OYO, Munish Varma, MD, EMEA at SoftBank and Girish Mathrubootham, Founder at Freshworks also participated in the round, among others.
The company has also given partial exits worth $1.1 million to early investors and ex-employees.
"We are already cash-flow positive and growing fast but 2020 taught me the importance of building a war chest and a team of A-players that can help you stand out even during a crisis. With this fundraise, we will reinforce our belief to invest in incredible individuals driven by curiosity to unlock our next phase of growth. Most importantly, I'm extremely grateful to see the kind of wealth we've been able to create during a pandemic for our employees and investors, who stuck with us through thick and thin," said Tanmaya Jain, founder and chief executive officer of inFeedo.
The company is looking to hire for key leadership roles across engineering, product and marketing to expand its customer base in Asia-Pacific and achieve $10 million in revenue.
inFeedo's employee experience bot ‘Amber’ helps leadership find hidden gaps in their culture, managers, and remote employee experience. She is an artificially intelligent (AI) bot who chats with employees, analyses their sentiment, and proactively finds those who are unhappy or likely to leave. inFeedo has 300,000 users across more than 50 countries with over 100 customers including enterprises like Tata Group, GE Healthcare, Lenovo, Airtel, Puma, AXA, ITC, OYO, BYJU's.
inFeedo also helps its customers attract better talent by nudging happy employees to share their reviews on Glassdoor. The company also intends to integrate GPT-3 into its core chatbot technology to have deeper conversations with employees that empower HR with actionable data to improve performance and engagement.
"The timing couldn't have been better from a market perspective — employers are looking for ways to better connect with and empower their employees," said Benjamin Ling, Founder and General Partner, Bling Capital.
Early in 2020, inFeedo had raised $700,000 from YC, YC alum, among others.