by Pankaj Chowdhry, May 13, 2020 9:26:06 AM
“We weren't here to code the hosts, we were here to decode the guests…”
— Bernard Lowe, Westworld S2E7
And with that line, the audience learns the true purpose of the sprawling investment in Westworld, it’s not about building the best androids, it’s about understanding humanity. Three years ago we set out on a similar mission, to build AI that can decode work. Today we’re excited to announce a new B round investment of 30 Million dollars with new investors, Microsoft’s M12 and Tiger Global, joining our existing investors Boldstart, Eniac, Comcast and Lightspeed, to help us deliver on that mission.
Since day 1 we’ve held the belief that the key to the future of work was locked in our inability to understand its nature. Opening that lock would start us on a multi-year journey pushing the envelope on computer vision, natural language processing, and sequence modeling. Along the way we’ve assembled an incredible team that shares a similar dedication to understanding how to best integrate AI into the global workforce. We’re excited to add to that team, and welcome Tamara Steffens, from M12 to our Board of Directors. I’m sure her decades of experience working closely with enterprise customers will prove invaluable as we scale FortressIQ.
Early last year customers got their first glimpse at what we were building, and we got to see firsthand how they could leverage the process insights that our platform could uncover. It was eye opening to say the least. Our first conversations usually revolved around automation and cost savings, but as customers became more comfortable with our data, the conversations evolved. This new category of data we could provide fueled their ability to innovate, enabling them (for the first time) to make truly data-driven decisions to guide their transformation strategies. Since then we’ve had the honor of working with some of the worlds largest companies, helping banks, retailers, insurers, and CPG companies to better understand their organizational DNA through interpreting their processes.
We were extremely surprised to find out how starved most organizations were for this type of data. While they had incredible analytics on digital journeys from their web properties, they had a much more rudimentary understanding of their internal processes. Another interesting byproduct we observed was how much simpler the decision making process was when good data was available. For me this was one of the most exciting revelations. I believe people in general want to do the right thing, it’s just sometimes very hard in the face of organization inertia. Often decisions devolve to simply appeasing whoever is yelling the loudest, the proverbial squeaky wheel getting the oil. It’s also well documented that unrepresented communities don’t advocate for themselves as forcefully in these types of situations. With data, we can minimize the impact of the loudest voice and amplify the focus on the best actions. This is a firsthand, tangible way in which we can leverage AI to reduce bias, reinforcing our mission here at FortressIQ around the responsible and ethical use of AI in the enterprise.
The Road Ahead
With this new round of capital we’ll be doubling down on our efforts to build the system of record for work. Our experience over the last year as customers have leveraged our platform has guided us to deliver new ways for them to leverage process data to improve every aspect of the employee experience, which translates to a better customer experience, and eventually the bottom line. The largest area of focus for us will center around helping our customers to achieve results from our platform even faster. With that in mind, we’ll be building specific industry, application, and workflow accelerators that can deliver instant insights from process data. We’ll also be looking to expand our partnering platform, working with domain experts across the globe to deliver externally targeted solutions based on data that would be unattainable without a process intelligence platform like ours.
I’m excited to see how customers can leverage our platform to power their transformation journeys, and grateful for the support of my team and our investors as we endeavor to decode work.
Now back to building!