The artificial intelligence (AI) powered digital skills company, iMocha, has announced a USD$14mn funding round. This funding comes after the company’s immense growth over the past two years.
Utilised by Fortune 500 companies, iMocha has grown 400% over the last two years.
Led by Eight Round Ventures, the funding round also had participation from existing investors Upekkha and Better Capital. Aditya Systla from Eight Roads Ventures and Prasanna Krishnamoorthy from Upekkha will join iMocha's board of directors.
"Without a skill assessment platform to help measure and scale their talent pool, businesses will quickly lose out on talented team members. At iMocha, we've built the broadest and deepest technology skills library in the world with measurable outcomes,” said Amit Mishra, Co-Founder and CEO at iMocha.
“Our partnership with Eight Roads gives us a great launching pad to serve every Fortune 500 customer needing a skill assessment platform," he continued.
iMocha: utilising AI to enhance digital skills
Founded in 2015, the digital skills platform enables talent acquisition and management teams to thoroughly assess individual skills proficiency with job-role based assessments for both recruitment and learning.
By leveraging powerful AI simulators, interviewing tools and talent analytics, iMocha has become the most comprehensive skills assessment platform serving fast-growing global organisations.
The company is reimagining digital skills assessments with its next-generation products for upskilling and recruitment. Its library has over 2,000 assessments across a number of areas, including:
- Data Science
- Machine Learning (ML)
- Cyber Security
- Robotic Process Automation (RPA)
- Enterprise Applications
- Cloud Computing
iMocha’s recruitment solutions support remote hiring, virtual university hiring and diversity and inclusion. For learning and development, iMocha’s solution allows customers to create digital transformation plans, upskilling portals for employees and a client-ready pool to ensure employees are client-ready.
"Technology has been disrupting the way we work and increasingly, every business is transforming into a tech-first company. The idea of a 'one-time digital transformation' is passé and the ability to quantify and analyse the skills matrix of an organisation is critical to effectively drive recruitment and incorporate into learning and development strategies," said Aditya Systla, Partner at Eight Roads Ventures.
"Leveraging an expansive and unique skills database, iMocha's AI-powered assessment platform has enabled organisations to make the talent management processes more robust and efficient. Over the past few years, Amit, Sujit and the entire iMocha team have built a unique SaaS platform helping companies stay ahead of the curve on talent management and we are thrilled to be their partners on this journey," he added.
Funding to improve AI-powered digital skills library
With the ability to find job-fit candidates with iMocha’s skill assessment, organisations can also measure the return on investment (ROI) of learning and development (L&D) programs to build winning teams.
Serving over 300 clients globally, iMocha empowers organisations to thoroughly assess employees and candidates for identifying and benchmarking their skills proficiency according to industry or company standards.
This funding round is the first institutional raise by the start-up. The company operates out of India and the US.
iMocha plans to use this new injection of funding to increase its skill library selection, reach more global enterprises, and widen its partnership base within the HR Tech ecosystem.