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Posted by Richy George on 12 August, 2021This post was originally published on this site
Mobile field service startup Youreka Labs Inc. raised an $8 million Series A round of funding co-led by Boulder Ventures and Grotech Ventures, with participation from Salesforce Ventures.
The Maryland-based company also officially announced its CEO — Bill Karpovich joined to lead the company after previously holding executive roles with General Motors and IBM Cloud & Watson Platform.
Youreka Labs spun out into its own company from parent company Synaptic Advisors, a cloud consulting business focused on the customer relationship management transformations using Salesforce and other artificial intelligence and automation technologies.
The company is developing robotic smart mobile assistants that enable frontline workers to perform their jobs more safely and efficiently. This includes things like guided procedures, smart forms and photo or video capture. Youreka is also embedded in existing Salesforce mobile applications like Field Service Mobile so that end-users only have to operate from one mobile app.
Youreka has identified four use cases so far: healthcare, manufacturing, energy and utilities and the public sector. Working with companies like Shell, P&G, Humana and the Transportation Security Administration, the company’s technology makes it possible for someone to share their knowledge and processes with their colleagues in the field, Karpovich told TechCrunch.
“In the case of healthcare, we are taking complex medical assessments from a doctor and pushing them out to nurses out in the field by gathering data into a simple mobile app and making it useful,” he added. “It allows nurses to do a great job without being doctors themselves.”
Karpovich said the company went after Series A dollars because it was “time for it to be on its own.” He was receiving inbound interest from investors, and the capital would enable the company to proceed more rapidly. Today, the company is focused on the Salesforce ecosystem, but that can evolve over time, he added.
The funding will be used to expand the company’s reach and products. He expects to double the team in the next six to 12 months across engineering to be able to expand the platform. Youreka boasts 100 customers today, and Karpovich would also like to invest in marketing to grow that base.
In addition to the use cases already identified, he sees additional potential in financial services and insurance, particularly for those assessing damage. The company is also concentrated in the United States, and Karpovich has plans to expand in the U.K. and Europe.
In 2020, the company grew 300%, which Karpovich attributes to the need of this kind of tool in field service. Youreka has a licensing model with charges per end user per month, along with an administrative license, for the people creating the apps, that also charges per user and per month pricing.
“There are 2.5 million jobs open today because companies can’t find people with the right skills,” he added. “We are making these jobs accessible. Some say that AI is doing away with jobs, but we are using AI to enhance jobs. If we can take 90% of the knowledge and give a digital assistant to less experienced people, you could open up so many opportunities.”
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