iMocha Technologies Inc, an artificial intelligence (AI) powered digital skills assessment platform, on Thursday said it has raised $14 million (around Rs 105 crore) as part of its Series A funding led by venture capital firm Eight Roads Ventures.
Existing investors Upekkha and Better Capital also participated in the round, iMocha said in a statement.
As part of the transaction, Aditya Systla, Partner, Eight Roads Ventures and Prasanna Krishnamoorthy, Partner, Upekkha will join iMocha’s board of directors, it added.
iMocha said it will use the fresh funds to expand its offerings, reach more global enterprises, and boost its partnership base within the human resources technology ecosystem, the statement said.
iMocha, which was founded in 2015 by Amit Mishra and Sujit Karpe, helps talent acquisition and management teams to thoroughly assess individual skills proficiency for both recruitment and learning purposes. Its library has more than 2,000 assessments across coding, data science, AI, machine learning (ML), cybersecurity, enterprise applications and cloud computing, among others.
“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 Mishra, Co-Founder and CEO at iMocha.
Karpe, Co-Founder and CTO at iMocha, noted that 50% of the world’s workforce will have to upskill by 2025, and by 2030, 60% of the skills required to perform enterprise roles will be different, making ‘skills’ the new currency for staying relevant and competitive.
"Over the past few years, Amit, Sujit and the entire iMocha team have built a unique SaaS (software-as-a-service) platform helping companies stay ahead of the curve on talent management," said Eight Roads' Systla.
Eight Roads Ventures has been investing in India since 2007. In 2021, it was one of the most active venture capital firms in the country with 35 deals in new and follow-on investments, according to a VCCircle analysis.
Some of new deals it made last year include Quizizz, which gamifies quizzes and interactive lessons, and nutrition brand OZiva.
