Workera, a cutting-edge upskilling platform designed specifically for enterprise customers, has announced that it has secured $23.5 million in a Series B funding round led by Jump Capital. The investment also includes participation from existing investors such as NEA, Owl Ventures, the AI Fund, and Sozo Ventures.
Growing Demand for Upskilling Solutions
The fresh capital raised by Workera will be utilized to expand its product offerings and augment the size of its developer team. This development comes at a time when the demand for upskilling solutions is on the rise due to macroeconomic pressures that are making it increasingly challenging for employers to recruit talent.
According to a 2022 survey conducted by PwC, a staggering 40% of companies are actively engaging in upskilling initiatives as they seek to automate or enhance work through technology. Venture capitalists have taken note of this trend, investing billions into various skilling platforms over the past year.
Workera’s Unique Approach
Workera’s CEO, Kian Katanforoosh, attributes the company’s success to its data science-forward approach. By leveraging a ‘skills dataset’ with millions of measurements across over 7,000 skills to train AI algorithms, Workera claims to be able to understand the relationship between skills and measure more skills in less time by inferring whether someone has a skill or not.
"We can measure a small number of carefully selected skills and iteratively update our predictions over an entire graph of skills," Katanforoosh explained. "Today, we can measure roughly 50 skills in one-and-a-half hours and use it to confidently predict between 200 and 500 skills, which is unprecedented."
Measuring Skills with AI
Workera’s approach involves using AI to analyze data from various sources, including employee performance metrics, training records, and social media activity. This allows the platform to provide a comprehensive picture of an individual’s skillset and identify areas where they may require additional support or training.
The use of AI in measuring skills is a key differentiator for Workera, as it enables the platform to provide more accurate and nuanced assessments than traditional methods. By doing so, Workera is able to offer its clients a more tailored approach to upskilling, one that addresses specific skill gaps and business needs.
Fortune 500 Clients and Growing Demand
Workera’s success has been driven in part by its growing roster of Fortune 500 clients. The company’s precision upskilling solution has resonated with these large enterprises, which are seeking to invest intelligently in their talent and address skill gaps within their business.
"The pandemic and the current tech market have forced companies to reassess their operating costs, look internally to develop employees, and fill skill gaps in their business," Katanforoosh noted. "This climate presents a market opportunity for us to drive increased sales of our precision upskilling solution as enterprises look to intelligently invest in and support their talent."
Conclusion
Workera’s $23.5 million Series B funding round is a testament to the company’s innovative approach to upskilling and its growing demand among enterprise clients. By leveraging AI to measure skills and provide tailored training solutions, Workera is well-positioned to capitalize on the trend towards upskilling and reskilling in the workplace.
As the industry continues to evolve, it will be exciting to see how Workera adapts and innovates to meet the changing needs of its clients. With a strong leadership team and a robust product offering, Workera is certainly one company to watch in the world of AI-powered upskilling.
