Owned by Emrec Technologies Pvt. Ltd., Engazify, a Pune -based startup has raised an undisclosed amount of funding from a silicon valley based HNI (high net-worth) angel investor Vaibhav Domkundwar.
At present, Vaibhav is the founder and CEO of ReadyContacts, a technology-powered marketing data intelligence company. Some of Domkundwar’s earlier investments include companies like BetaOut, Sminq, MuhurtMaza, Fixmasters, etc.
Engazify, founded in 2015, is a performance management AI-driven bot which facilitates real-time employee feedback and appreciation within organizations. With artificial intelligence and machine learning capabilities built right into it, Engazify helps Managers & HR make sense of their employee performance data and gather actionable insights and useful trends.
The bot’s AI technology and machine learning capabilities can remove the dependency for managers to manually analyze thousands of feedback messages, by automatically finding patterns and gaps hidden within the data. This gives managers and HR teams the ability to see the engagement trend and the performance risk areas within the organization. And not to forget, it gives managers enough time to derive a new strategy to mitigate the risks and boost employee productivity and engagement.
Siddharth Shekhawat, CEO & Co-founder at Engazify, says:
The biggest challenge was to get all these things done through a simple and easy to use bot. And we have managed that exceptionally well.
And further explaining about the problems faced while developing Engazify, he added:
Another big hurdle while building Engazify bot was that the whole bot industry was at a very nascent stage. There was hardly any information or help available online. We had to build out our own framework and AI engine to get the bot to work. Currently there are many such frameworks & technologies available which are plug & play, but not when we started out Engazify bot. It has actually worked out for us as we now don’t rely on any outside service to power our bot, the complete bot experience is managed by us in-house.
The team at Engazify says that its legacy competitors like SuccessFactors, Workday, and Namely are still selling systems that were designed 20 years ago & are broken, and do not work with current scenario, whereas modern competitors like Reflektive, Zugata, and a few others have raised large VC rounds to create ‘new versions’ of the legacy products – but they too suffer from the same problems.
In just around 6 months of going live, the company claims to have over 230 teams and more than 60,000 users spread across over 12 countries on its platform, who have shared more than 12k feedback messages till date.
One of Engazify’s clients, Iflix, is said to be seeing a 120% increase in the amount of feedback exchanged and 30% decrease in the amount of time spent on performance reviews every month. Other brands like Citrix, Office Depot, and Multiply are seeing similar results.