SoftBank Backs Cloud Startup Founded by Two Huawei Engineers
- Whatfix raises $90 million in Series D funding round
- SaaS platform is now valued at about $600 million, CEO says
Khadim Batti, left, and Vara Kumar.
Source: Whatfix
Digital adoption solutions provider Whatfix has raised $90 million in a round led by SoftBank Vision Fund II, a sign of the rocketing investor interest in startups selling enterprise software via subscriptions.
Sequoia Capital India, Dragoneer Investment Group, Cisco Investments and others also participated in the Series D funding, the startup said in an announcement on Tuesday. It will use the funds to accelerate growth in its main market, the U.S., as well as expand globally in geographies such as Asia Pacific and Europe. It will also build artificial intelligence technologies for customization.
The startup, also known as Quicko Technosoft Labs Pvt Ltd., has raised nearly $140 million so far and tripled its valuation from its Series C round last year. It’s now valued at about $600 million, according to Khadim Batti, Whatfix’s co-founder and chief executive officer.
Whatfix was co-founded in 2014 by Batti and Vara Kumar, two engineers formerly with Huawei Technologies India, the Chinese telecom giant’s R&D center in the South Asian country. The company, which has major offices in Bangalore and San Jose, California-headquartered helps businesses boost employee adoption of software-as-a-service, or SaaS, applications that perform functions from sales to customer relationship management.