Connect with us

Bussiness

Belgian AI startup TechWolf has raised $42.8 million to expand to the US. Here’s the 19-slide pitch deck it used to raise the funds.

Published

5 months ago

on

Belgian AI startup TechWolf has raised .8 million to expand to the US. Here’s the 19-slide pitch deck it used to raise the funds.

TechWolf, a Belgian AI company that helps businesses understand their employees’ skill sets, has raised $42.8 million in funding.

Founded in 2018 by three university friends, TechWolf uses large language models to help large companies understand the skill sets of their workforce and to help re-train or re-deploy staff. The startup works with companies like United Airlines and Workday to help employers better manage and identify their staff’s skills and skills gaps.

“When we started building the company, the problem we found was that large enterprises had no visibilities on what people were capable of and no efficient way of accounting for it,” Andreas de Neve, cofounder and CEO at TechWolf, told Business Insider. “Self-assessment takes an enormous amount of time, and people are bad at doing it, leading to bias in decision making.”

Companies can use TechWolf’s AI to better judge where to deploy staff and resources. For example, the green energy transition will require upskilling and redeployment of employees from different parts of a business or a pharmaceutical company looking to speed up drug development after FDA approval, de Neve said.

Based in Ghent, Belgium, TechWolf operates a SaaS model with companies charged per employee. It is predominantly targeted at blue-chip corporates.

The company has raised $42.75 million in Series B funding in a round led by Felix Capital with participation from 20VC, Acadian Ventures, Fortino Capital Partners, Notion Capital, SemperVirens, SAP, ServiceNow Ventures, and Workday Ventures.

The new funding will help expand the company’s presence in the US.

“We were perhaps a little early for the Series B, and this is an inflection point in a tough market, but we’ve grown revenues 12x since the last round and have good commercial traction,” de Neve added.

“We will be growing our team in the US, and it’s nicer to do that with 30-36 months of runway rather than 10, which means we will be spending more at a time when others are spending less.”

Check out TechWolf’s 19-slide Series B pitch deck below:

Related Topics:
Continue Reading