Today, we’re thrilled to announce our $40M Series C round of venture capital funding led by Norwest Venture Partners as well as welcome Norwest Partner and former Salesforce executive Scott Beechuk to our Board of Directors. This is an exciting personal and professional moment for me, my cofounders Nishant Mungali and Deepak Diwakar, and for Mindtickle.
This occasion is an important validation in our collective belief that for today’s companies, every customer’s experience is only as good as the last interaction they’ve had with one of a company’s employees. This means that every customer-facing employee needs to be a steward for the values, culture, and product and service value propositions of an organization. At the same time, we saw that companies could be doing a much better job of engaging their employees while educating and equipping them to be successful by using a modern approach to learning, development and ultimately ready to have engaging and valuable interactions with customers. With a platform to support personal and professional development through employees’ mobile devices, gamification, and access to online learning for enrichment, companies could focus on and enhance the human experience in the workplace.
To this end, Mindtickle believes that in order to assess, implement and develop the demonstrable capability of customer-facing employees, a single data model must be built. The ultimate goal behind creating a data model is to find competencies that best correlate with activity metrics and sales performance, and ultimately optimize an organization’s readiness and enablement investments to develop the desired capabilities. By measuring data related to learning content engagement, assessed proficiency and demonstrated performance in near-real world environments, and then correlating these platform data sets to pipeline management metrics, we’re able to provide the leading indicators of real-world success. At the same time, the Mindtickle platform helps to identify gaps in competency or capability and provides a path to remediation. When engagement and proficiency data is combined with business outcome data and enhanced by AI and machine learning, organizations can surface insights, drive personalized recommendations and optimize sales performance.
Along this journey, we’ve also been fortunate to have supportive investors like Qualcomm Ventures, Accel, and Canaan who started with us early in Mindtickle’s development. In addition to seeing an opportunity to bring a leader transforming sales enablement and readiness to the market, they saw an untapped opportunity for Mindtickle to be at the forefront of India-founded companies that break the traditional Silicon Valley mold to drive greater innovation that would apply to a global audience.
That early foresight has proven accurate as we’ve expanded our mission from high tech, high growth start-ups to established enterprise companies while growing at a phenomenal pace. In the last fiscal year, Mindtickle grew its enterprise customer base by 200 percent and increased annual recurring revenue by more than 100 percent year over year. We’re proud to now count dozens of Fortune 500 and Global 2000 companies, hundreds of the world’s fastest-growing and most recognizable technology companies as customers. Companies like AppDynamics, MongoDB, Unisys, Qualtrics, Procore, Square, Janssen, Cloudera, Wartsila, VF Corporation, Dexcom, Merck Group, and Benetton Group have recognized the power of a modern approach to readiness that includes microlearning in the flow of work, gamification, social and peer learning and coaching — all in context and just in time.
Together, we look forward to addressing this area that has been untouched but is critically important for today’s organizations — providing a systematic, repeatable and measurable way to prepare and assess customer-facing employees’ ability to deliver an exceptional customer experience. With Norwest Venture Partners joining the ranks of our esteemed investors, we’re collectively doubling down on the thesis that companies tackling this important problem of readiness will expand from sales to other customer-facing teams and ultimately to all teams across the organization and change the way we think about personal and professional development.
A heartfelt thanks go out to those who’ve supported us along this journey and welcome to those who have recently joined us as well as those who’ve yet to join us!
For more information about our Series C funding announcement, see the press release here!