Ghent-based TechWolf, an AI company, announced on Tuesday that it has secured $42.75M (approximately €39.8M) in a Series B funding round led by Felix Capital.
Other investors, include 20VC, Acadian Ventures, Fortino Capital Partners, Notion Capital, PMV, SAP, SemperVirens, ServiceNow Ventures, Stride.VC, Workday Ventures, and notable AI leaders from Deepmind and Meta participated in the round.
“We are grateful for the support and trust from our investors —this round of funding will accelerate our vision to make all work skills-based and help every person flourish at work,” says Andreas De Neve, co-founder and CEO at TechWolf.
In addition to the funding, Diane Gherson, former IBM Chief HR Officer and current board member of Kraft Heinz, will join TechWolf’s Board of Directors as an independent director.
“I am passionate about the need for companies to build a skills-based organisation to compete in the digital economy, which requires a robust and dynamic skills infrastructure,” says Diane Gherson, former CHRO at IBM and Independent Board Member at TechWolf.
“I came across TechWolf because of its excellent reputation in large sophisticated enterprises in Europe. And when I got to kick the tyres on the technology and client process, I was hugely impressed,” adds Gherson.
Fund utilisation
TechWolf says it will use the new funds to expand its presence in the US and invest further in AI development.
The company plans to open its first US office in New York City in September 2024, led by founder Mikaël Wornoo, who will relocate with a team of five employees.
With more than 50 per cent of its pipeline already in the US, TechWolf has recently signed prominent clients such as United Airlines, MetLife, IQVIA, and Synopsys.
The capital injection comes as the company witnessed a 12x revenue growth since its last funding two years ago.
TechWolf: Skills Intelligence Platform
TechWolf was founded in 2018 out of Ghent University and Cambridge University by Andreas De Neve, Jeroen van Hautte, and Mikaël Wornoo, who met while they were computer science engineering students.
TechWolf is developing the AI infrastructure layer for skills, which involves creating fundamental data assets and frameworks that enable a skills-first approach to talent management.
The Belgian company’s AI technology identifies employee skills from digital interactions using advanced AI language models, eliminating the need for manual skills assessments.
Over the past five years, the company has published seven peer-reviewed articles and has 15 language models in production. Its datasets include 1.47 billion labour market data points, 38 million captured skill events, and 223 thousand recognised skill forms.
Notable customers include GSK, HSBC, bp, United Airlines, MetLife, Synopsys, IQVIA, KBC, Booking.com, and KLM.
The investor
Felix Capital is a London-based venture capital firm that partners with entrepreneurs with big ideas and helps them build brands that shape our culture and positively impact the world.
The firm focuses on digital lifestyle, investing in emerging digital consumer brands and related enabling-technologies.
Notable investments include Mirakl, Pigment, Moonbug, TravelPerk, and HighSnobiety.
“We have been particularly impressed by TechWolf’s capability to transform its clients into fully-fledged ‘skills-based organisations’. This transformation promotes flexibility, fuels innovation, and boosts employee engagement, ultimately optimising talent utilisation and fostering continuous learning.”
“We are thrilled to lead this funding round alongside a remarkable group of partners, aiming to accelerate TechWolf’s expansion, especially in the U.S. and enterprise sector,” says Julien Codorniou, Partner at Felix Capital, who will join the board.
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