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The UAE-based AI-driven HR solutions provider Leena AI has successfully raised $30M in its latest funding round bringing the company's total amount raised to $40M. The Series B round was led by New investor Bessemer Venture Partners with participation from existing investor Greycroft. The round also included an investment from Facebook co-founder, Eduardo Saverin's B Capital Group.
Leena AI is an autonomous conversational AI platform that helps enterprises better employee experience. With Leena AI, companies can eliminate the need for HR staff to work on tasks such as answering policy-related questions, knowledge management, generating employee documents on demand, and managing employee tickets so they can focus on high-value activities. The round of financing comes on the heels of significant momentum. Since announcing their Series A financing eight months ago.
This latest investment marks the 4th and highest funding round raised by UAE-based AI startup, and the 14th funding round for a MENA-based AI startup in 2021. AI-startups in the UAE have now raised more than $33M in funds this year, which accounts for a 365% YoY growth in funding as compared to funding rounds raised in 2020, where startups like Seez raised the highest round at $6M, and other startups like Hotel Data Cloud and Seam Labs raised early-stage deals.
Since its Series A fundraise, Leena AI has added new customers, including Bayer, Al-Jazeera, HDFC Bank, Reserve Bank of India, Houston Methodist, NAS Aero, and Aujan Group. The company has also achieved 300 percent year-to-year revenue growth. The UAE-based team now services more than 3 million employees across 60 countries. “We intend to be the ‘Siri for employees’ and help employees get faster resolutions to their requests. Legacy internal helpdesks are not user-friendly, are tough to deploy, and lack intelligence. Leena AI Employee Experience Suite deeply understands enterprise HR support tickets to solve this very difficult problem at the world’s top enterprises.” said Adit Jain, co-founder and CEO, Leena AI. “This investment will help us further elevate the enterprise employee experience through AI-powered conversations and insights.”
Leading Chief People Officers from some of the most recognizable enterprises globally - including Coca-Cola, Nestle, Abbott, Puma, and P&G - already resolve approximately 40 percent of employee queries autonomously with Leena AI’s advanced machine learning, conversational-AI, and Natural Language Understanding platform. “HR is an area in desperate need of disruption, with many slow, manual processes overwhelming HR departments. The Leena AI team has been able to bring HR into the modern era through automation and machine learning, enabling better employee engagement,” said Mark Terbeek, Partner at Greycroft. “We believe Leena AI is well-positioned to revolutionize the enterprise employees experience in the era of hybrid work.”
The AI startup plans to utilize its newly acquired funds to accelerate product innovation to meet global demand for the platform of new and existing customers. Leena AI plans to expand its employee experience suite to products for IT, Sales, and Finance teams by early 2022. Anant Vidur Puri, Partner at Bessemer Venture Partners concluded “We are thrilled to partner with Leena AI, a company that is moving enterprise HR toward a more consumer-like, conversational way of delivery and meets the ever-changing needs of the modern workforce. The company’s AI-led innovation enables enterprises to deliver great employee experiences across functional areas. We look forward to seeing Leena AI’s continued impact on enterprises and the employee experience.”
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