Enterprise Weekly #506: ServiceNow Enters the AI Arena, and More
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Another software exit in the books! ServiceNow is acquiring business process automation company Moveworks for $2.85B. Moveworks was last valued at $2.1B in 2021 with over $100M in ARR and major customers like Toyota, Instacart, and Unilever.
The deal strengthens ServiceNow’s AI capabilities to better compete with behemoths like Microsoft, Salesforce, and Google in AI-driven automation – the acquisition supports advancements in AI-driven enterprise search and Moveworks' AI assistant enhances ServiceNow’s offering by providing a front-end interface that streamlines task automation. However, some analysts worry that existing Moveworks customers not using ServiceNow's platform might face integration challenges, cost increases, and limited flexibility due to bundled services.
This is a continued trend where major players are making strategic acquisitions and investments in AI automation, primarily benefiting large enterprises with significant resources. Smaller businesses may not have the scale, budgets, or infrastructure to fully leverage these AI-powered automation tools. That said, AI startups are still fundraising at unprecedented speed and amount. And as the race shakes out in the next few years, we’ll see who outpaces who.
Lastly, we’re thrilled to announce that Work-Bench led ZippedScript’s $2.6M Seed round! Co-founders Chris and David are on a mission to transform education verifications for global candidates with their proprietary database of 20M+ pre-verified candidate degrees across multiple continents allowing them to validate a candidate’s education credentials for better speed, accuracy, affordability, and global coverage than traditional methods. Excited for all that’s still to come! 💪
🗓️ Join more Work-Bench events:
March 17th: NYC Founders Club Founder & Friends St. Paddy's Day Ski Retreat – a private mountain buy-out, one-day adventure for NYC founders and friends working in tech for a day of skiing, networking, and fun
March 18th: NY Enterprise Tech Meetup – a night to come learn what's top of mind from two of NYC's top fintech engineering leaders, Nik Koblov, Head of Engineering at Ramp, and Arun Kumar, CTO of Socure
March 25th: Cofounder & Founding Engineer Hang – a fun night with the cofounders.nyc community of current/future founders
📚 Read more news:
AP: Elon Musk Claims X Being targeted In ‘Massive Cyberattack’ as Service Goes Down
Bloomberg: Defense Tech Unicorn Shield AI Names Former Splunk Chief as New CEO
TechCrunch: Manus Probably Isn’t China’s 2nd ‘DeepSeek Moment’
WSJ: Inside Google’s Investment in the A.I. Start-Up Anthropic
WSJ: The Schools Reviving Shop Class Offer a Hedge Against the AI Future
📚 Read more (th)reads:
Company: ShiftRx
Role: Founding Engineer
Technology: AI Healthcare Staffing Platform
Funding: $3.5M from Work-Bench, Inflect Health, Tau, and Opal Ventures
🌟 Company of the Week 🌟
ZippedScript raises $2.6M led by Work-Bench
Future of Work • Seed • Toronto, Canada
Co-Founders: Chris Harper (CEO) and David Alexander (CTO)
Podqi raises $3.2M led by General Catalyst
Future of Work • Seed • San Francisco, CA
Alceberg raises $10M led by SYN Ventures and Sprout & Oak
Risk / Security • Seed • New York, NY
Augmenta raises $10M led by Prelude Ventures
Future of Work • Seed • Toronto, Canada
Onyx raises $10M led by Khosla Ventures and First Round Capital
Collaboration / Productivity • Seed • San Francisco, CA
Daupler raises $15M led by Aqualateral
Future of Work • Series B • Kansas City, KS
Worth raises $20M led by TTV Capital
Future of Work • Seed • Orlando, FL
Sola raises $30M led by S Capital, S32 and Glilot Capital Partners
Risk / Security • Seed • Tel Aviv, Israel
360 Privacy raises $36M led by FTV Capital
Risk / Security • Private Equity • Nashville, TN
Bria raises $40M led by Red Dot Capital
Data / AI / Machine Learning • Series B • Tel Aviv, Israel
Norm AI raises $48M led by Coatue
Data / AI / Machine Learning • Series B • New York, NY
Pentera raises $60M led by Evolution Equity Partners
Risk / Security • Series D • Boston, MA
Cartesia raises $64M led by Kleiner Perkins
Data / AI / Machine Learning • Series A • San Francisco, CA
Ditto raises $82M led by Top Tier Capital Partners and Acrew Capital
Infrastructure / Dev Tools • Series B • San Francisco, CA
Supabase raises $100M led by Accel
Data / AI / Machine Learning • Venture • Remote
Reflection raises $105M led by Lightspeed and CRV
Data / AI / Machine Learning • Series A • New York, NY
Cybereason raises $120M led by SoftBank Corp
Risk / Security • Venture • La Jolla, CA
Celestial AI raises $250M led by Fidelity Management and Research Company
Data / AI / Machine Learning • Series C • Santa Clara, CA
Chainguard raises $350M led by Kleiner Perkins
Risk / Security • Venture • Kirkland, WA
ServiceNow acquires Moveworks for $2.9B
Future of Work • Acquisition • Mountain View, CA
Chartbeat acquires FatTail for an Undisclosed Amount
Sales / Marketing • Acquisition • Calabasas, CA