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Whatfix Raises $125 Million Series E to Accelerate Expansion & Innovation of Digital Adoption Market
Funding round led by Warburg Pincus with participation from SoftBank Vision Fund 2
SAN JOSE, Calif., Sept. 25, 2024 /PRNewswire/ — Whatfix, a global leader among digital adoption platforms (DAPs), today announced it has secured $125 Million in a Series E funding round, led by Warburg Pincus with participation from existing investor SoftBank Vision Fund 2. The company is raising the new round at a significant premium, reinforcing its dominance as the leader in Digital Adoption Platforms (DAPs) and expanding into DAP adjacent offerings.
The investment will enable Whatfix to expand its category leadership and enhance its integrated product suite through organic growth and strategic acquisitions. The company also aims to expand its market presence in the US, EMEA, and APAC regions to strengthen its footprint in the global public sector.
Since its funding round in 2021, Whatfix has achieved remarkable growth, solidifying its position as a leader in the newly established DAP category. The company serves a marquee global clientele, including Arrow Electronics, Schneider Electric, and Avnet, along with partners like Microsoft, Salesforce, Infosys, and Accenture, who trust Whatfix to accelerate ROI on their technology investments. Supporting 80+ Fortune 500 companies, Whatfix registered top-decile performance with a 4.5X increase in annual recurring revenue (ARR) since its 2021 round, with new products contributing 15% of revenue.
Pioneering the concept of “Userization,” Whatfix shifts responsibility to technology, ensuring it adapts to users, not the other way around. By integrating GenAI throughout its product suite, offering digital adoption, product analytics, and application simulation, Whatfix accelerates this user-first approach, building an experience layer across the enterprise software stack. This empowers enterprises to maximize technology ROI while allowing employees to build greater efficiency.
“Enterprises are grappling with the complexities of digital transformation and the ever-increasing pressure to deliver exceptional user experiences,” said Khadim Batti, CEO and co-founder of Whatfix. “Whatfix’s innovation is evident through the launch of four new products since 2021, securing five US patents with 18 more in the pipeline. This investment will add more fuel to the tank, accelerating a new era of innovation for our industry, bolstering the unparalleled value we bring to our customers, and reshaping the future of software adoption.”
As per Gartner’s 2023 Market Guide, 70% of organizations are projected to use DAPs by 2025, highlighting the critical role digital adoption platforms play in driving enterprise success. Leading this transformation, Whatfix has been the top DAP on Deloitte Tech Fast 500™ for three consecutive years and is the only DAP vendor to receive Customer’s Choice in the Gartner Peer Insights 2024 Voice of Customers for DAP report. Additionally, Whatfix is consistently recognized as a market leader in DAP reports from Gartner, Forrester, IDC, and the Everest Group.
“As organizations rapidly adopt an evolving array of AI-enabled technologies, Digital Adoption Platforms (DAPs) have become essential for successfully navigating digital transformation,” said Amy Loomis, Research Vice President, Future of Work at IDC. “DAPs provide valuable insights, empower users to be more agile, and drive significant business outcomes by accelerating application adoption and optimizing workflows. DAPs will evolve to address a broader range of enterprise needs, including AI-specific challenges, solidifying their role as a preferred approach to maximizing software ROI. By 2027, IDC predicts that 80% of G1000 organizations will rely on DAPs to mitigate technical skills shortages.”
Narendra Ostawal, Managing Director, Head of India Private Equity, Warburg Pincus, said, “Whatfix’s unique digital adoption platform is revolutionizing how organizations implement digital transformation programs, create outstanding user experiences, and empower users to fully leverage software functionalities and enhance productivity. As a partner of choice for top global enterprises across industries, we believe Whatfix has immense potential to capitalize on the tailwinds and solidify its position in the high-growth DAP market. We are delighted to partner with the Whatfix team led by Khadim and Vara, as they steer the company towards its vision and goal.”
Narendra Rathi, Investment Director, from SoftBank Investment Advisers, added, “Since our initial investment in 2021, we are pleased to see Whatfix’s strong growth and sustained innovation. Their role in the digital transformation journeys of Fortune 500 companies is a testament to their customer focus. We are excited to continue backing Khadim and Vara as they enter their next phase of growth.”
“From day one, Whatfix has truly put us, the customer, first,” said Jochen Heidner, Project Manager of Purchasing Systems at Mercedes-Benz and Whatfix customer for the CERTUS CC project. “Their digital adoption platform (DAP) has been instrumental in the CERTUS digital transformation journey, simplifying complex processes and empowering our teams to achieve more. What’s truly remarkable is their exceptional customer support—they’ve been helpful, and genuinely nice and supportive every step of the way.”
Adam P. Burden, Global Innovation Lead from Accenture LLP, said, “Software is more user-centric than ever, and Whatfix is at the forefront of this innovation in user enablement. With Whatfix, you can tailor applications to each user’s workflow, optimize efficiency and create great outcomes. By using Whatfix’s AI-powered product suite—including application simulation, analytics, and digital adoption—our clients can better leverage both their existing and new technology investments. With the capabilities of Whatfix, we’re able to build products where the software serves the user, not the other way around. We look forward to our continued success together.”
Whatfix has been contributing to the industry by developing over 4,100 DAP experts since 2021 and remains committed to cultivating more in the years to come.
About Whatfix
Whatfix is advancing the “userization” of application technology, by empowering companies to maximize the ROI of digital investments across the application lifecycle. Powered by GenAI, Whatfix’s product suite includes a digital adoption platform, simulated application environments for hands-on training, and no-code application analytics. Whatfix enables organizations to drive user productivity, ensure process compliance, and improve user experience of internal and customer-facing applications. With seven offices across the US, India, UK, Germany, Singapore, and Australia, Whatfix supports 700+ enterprises, including 80+ Fortune 500s like Shell, Microsoft, Schneider Electric, UPS Supply Chain Solutions, and Genuine Parts Company. Backed by investors such as Warburg Pincus, Softbank Vision Fund 2, Dragoneer, Peak XV Partners, Eight Roads, and Cisco Investments, software clicks with Whatfix. For more information, visit the Whatfix website.
About Warburg Pincus
Warburg Pincus LLC is a leading global growth investor. The firm has more than $83 billion in assets under management. The firm’s active portfolio of more than 225 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Since its founding in 1966, Warburg Pincus has invested more than $117 billion in over 1,000 companies globally across its private equity, real estate, and capital solutions strategies. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information please visit www.warburgpincus.com.
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NEW YORK, Sept. 25, 2024 /PRNewswire/ — Tuya Smart (NYSE: TUYA, HKEX: 2391), a global cloud developer platform service provider, will present its latest AI-driven products and solutions at GITEX GLOBAL 2024 in Dubai, United Arab Emirates, from October 14th to 18th.
As the economic epicenter and a beacon of technological innovation in the Middle East, Dubai has made significant strides in fostering AI adoption in recent years through the implementation of incentivizing policies. The city strives to transform into a “future city,” with AI at its core, and a smart city as its blueprint. Aligning with this vision, GITEX GLOBAL 2024 has embraced the theme “AI Everything,” uniting technology innovators, AI developers, data scientists, government leaders, and industry experts from diverse sectors to harness the potential of AI and propel the region’s industrial progress.
Embracing this ethos, Tuya has selected “AI in All Sustainable Spaces” as its exhibition theme. By leveraging its groundbreaking technological prowess in AI and related domains, Tuya aims to collaborate with global developers to enhance spatial intelligence in Middle Eastern cities, notably Dubai, thereby accelerating the development of sustainable smart cities.
Revolutionary AI-driven, Diverse, and Innovative Products and Solutions
The Middle East has embarked on a journey of economic diversification and smart transformation, with AI serving as a key technology that provides critical support and acceleration.
For instance, Saudi Arabia’s “Vision 2030” strategy has catalyzed significant investments into intricate smart city initiatives. A PwC report forecasts that by 2030, AI will contribute nearly 14% to the UAE’s GDP and 12.4% to Saudi Arabia’s, underscoring the immense market potential in the region.
Capitalizing on these vast prospects, Tuya aims to further propel the AI transformation in the Middle East by introducing an array of AI-driven products and solutions spanning smart commercial, smart travel, and smart community applications. These include intelligent parking lot lighting solutions featuring AI-enabled seamless debugging and low-carbon sports initiatives powered by AI, among others. These groundbreaking solutions not only enhance the intelligence of urban spaces but also significantly enrich people’s daily lives, while inspiring creative ideas among global developers.
Multiple Energy-saving Solutions to Create Smart and Sustainable Spaces
Amidst the relentless urbanization in the Middle East, the region’s burgeoning population underscores the urgency to mitigate emissions. In light of mounting environmental challenges, Middle Eastern nations like Saudi Arabia and the United Arab Emirates have embarked on a mission to redefine their energy development goals, striving to expedite the transformation of their energy landscape.
In line with this transformative trend, Tuya remains at the forefront of AI innovation, poised to introduce a comprehensive suite of AI-driven energy solutions. These encompass Tuya’s solar storage energy management systems, building energy management systems, and campus energy solutions, among others. By harnessing intelligent, efficient, and eco-friendly technologies, Tuya aims to propel various urban spaces towards a low-carbon, sustainable future, fostering a greener, more resilient environment for all.
TUYA Global Developer Summit in the Middle East Region
In addition to showcasing innovative solutions and products, Tuya will also hold the 2024 TUYA Global Developer Summit (Dubai) during GITEX GLOBAL 2024. Jointly orchestrated by Tuya and Alibaba Cloud, this event serves as a key platform for global developers to delve into and share the latest advancements in AI technology applications.
Tuya has the distinct honor of inviting industry leaders from Alibaba Cloud, Dubai Electricity and Water Authority, McKinsey, and MLG to shed light on the latest AI industry trends, enabling developers to capitalize on the global AI market. With the guidance of these prominent figures, numerous business collaboration opportunities will arise, giving a new boost to the smart industry’s continuous development.
GITEX GLOBAL 2024 undoubtedly brings unprecedented development opportunities for Tuya, global developers, and major manufacturers. Through in-depth exchanges on the application of AI technology, participants will be inspired with infinite creative sparks, gradually promoting the deep integration and collaborative development of the global technology ecosystem, and jointly achieving the rapid construction and development of global smart cities.
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Tokens will be exclusively allocated by selected Launchpool projects, and generated for Binance Launchpool users to hold and trade in the pre-market on the Binance platform. All Binance users can engage with pre-market trading before spot listing.
DUBAI, UAE, Sept. 25, 2024 /PRNewswire/ — Binance, the leading global blockchain ecosystem behind the world’s largest cryptocurrency exchange by trading volume, today introduced Binance Pre-Market. Selected Binance Launchpool token subscriptions will be made available for pre-market trading on Binance Pre-Market, giving Launchpool participants greater utility, and expanding trading opportunities on Binance for all users.
Pre-market trading lets users take an early position before a token’s spot market listing, allowing the community to express their market sentiment of a particular token project. Each pre-market trading period will target to end at least four hours before spot trading starts and Binance will issue a separate announcement about the official spot listing.
Binance is the only crypto exchange to offer pre-market spot trading whereby tokens will be exclusively allocated and generated for users to hold and trade in the pre-market on the Binance platform.
Binance will announce when a Launchpool project is selected for pre-market trading and the respective pre-market start date. Users continue to subscribe to Launchpool as normal and receive their allocated tokens. Once the pre-market period starts, all Binance users can trade the Pre-Market tokens, which will have a “Pre-Market” tag for easy identification.
Through Pre-Market trading, Binance is also providing opportunities for selected projects to engage users earlier in their lifecycle.
Benefits of Binance Pre-Market include:
- Early market entry: Users can buy or sell their tokens ahead of the spot market listing.
- Stringent token vetting: All tokens undergo the same stringent vetting process on Binance.
- Most liquid exchange: Binance is the largest and most liquid digital asset exchange, offering greater demand for users’ trading positions.
- No additional fees: Users pay only the standard Binance spot trading fees, which are already highly-competitive in the market.
- More utility for Binance Launchpool users: Launchpool subscribers can take advantage of early market movements to trade their allocated tokens within the Pre-Market on the Binance platform.
Vishal Sacheendran, Binance Head of Regional Markets, commented, “We built Binance Pre-Market to meet user demand for pre-market spot trading, and enhance the Binance ecosystem so users can enjoy greater utility and token projects can extend their lifecycle on our platform. Binance has always been focused on delivering for our users and we continue to invest in features to give our users the best experience we can.“
The launch of Binance Pre-Market follows other recent product releases that continue to enhance the user journey on the Binance platform. Binance announced Binance SOL Staking and Super Earn this quarter, and introduced Megadrop and HODLer Airdrop earlier this year.
For more information about Binance Pre-Market, please refer to the FAQ here.
Disclaimer: Digital asset prices may be subject to significant price volatility. The value of your investment may go down or up, and you may lose the entire amount invested. You are solely responsible for your investment decisions and Binance is not liable in any way for any losses that you may incur. Past performance is not a reliable indicator of future performance and Binance does not in any way provide any assurance or make any representation as to future performance. You should only invest in products you are familiar with and where you understand and fully accept the associated risks. You should carefully consider your investment experience, financial situation, investment objectives and risk tolerance and consult an independent financial adviser prior to making any investment. The trading price of a digital asset during the Pre-Market trading period and after the Pre-Market trading period is ultimately dependent on a number of factors, including market sentiment and there may not be a direct correlation between the two. This material should not be construed as financial advice. Binance does not in any way guarantee or provide any assurance or representation that you will receive any specific reward, or any return over time. In the event that a Launchpool offer fails, for any reason whatsoever, the associated Pre-Market token listing will be canceled and all Pre-Market Tradable Assets will be delisted in accordance with Binance’s Pre-Market delisting process, details of which are available here. This feature may not be available in certain countries and to certain users. This content is not intended for users/countries to which prohibitions/restrictions apply. For more information, see our Terms of Use and Risk Warning. In compliance with MiCA requirements, unauthorized stablecoins are subject to certain restrictions for EEA users. For more information, please click here.
About Binance
Binance is a leading global blockchain ecosystem behind the world’s largest cryptocurrency exchange by trading volume and registered users. Binance is trusted by more than 200 million people in 100+ countries for its industry-leading security, transparency, trading engine speed, protections for investors, and unmatched portfolio of digital asset products and offerings from trading and finance to education, research, social good, payments, institutional services, and Web3 features. Binance is devoted to building an inclusive crypto ecosystem to increase the freedom of money and financial access for people around the world with crypto as the fundamental means. For more information, visit: https://www.binance.com
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LONDON, Sept. 25, 2024 /PRNewswire/ — Fospha, a measurement and attribution company, has revealed that brands are significantly underinvested in Paid Social channels. On average, eCommerce companies spend just 27.5% of Paid Social’s profitable maximum, leaving substantial headroom to scale profitably. The numbers are striking, and symptomatic of widespread reliance on Last Click attribution, which overvalues demand capture channels, and undervalues demand generation.
Fospha released this data in their latest State of eCommerce report for H2 2024. The report takes a deep dive into the latest industry data to reveal where brands are missing out on millions of dollars in ad revenue and which channels have the most headroom for growth going into peak period.
The report stands out as a strategic asset for digital marketers, eCommerce leaders, and marketing strategists looking to optimize advertising spend and implement data-driven growth strategies.
Why the State of eCommerce Report H2 2024 is a Must-Read Resource
Fospha works with 150+ leading ecommerce brands globally with over $1 billion in ad spend under management, granting them unparalleled access to the latest data on how brands are advertising.
This report unveils how major platforms’ KPIs are trending in 2024 and what this means for brands heading into peak period.
Key highlights of the report include:
- Profitable Headroom: The degree of headroom left to scale Paid Social and Google channels.
- Efficient Acquisition: The #1 channel for efficient new customer acquisition.
- Peak Period Strategy: The growth channel you need to be leveraging during peak.
- Full-Funnel Strategy: For platforms like Meta, TikTok and Snapchat.
“This is our most comprehensive cross-channel analysis yet. This report is packed full of every insight you’ll need ahead of peak—including how, where, when, and why to scale up every channel in your arsenal,” says Jamie Bolton, VP of Growth at Fospha.
About Fospha
Fospha is pioneering a new approach to cross-channel digital marketing measurement. With no-code implementation, clients are live in 2 to 3 weeks with a year of full funnel performance modelled, ensuring complete privacy safety.
Read the report here: https://www.fospha.com/soe-h2-2024.
For more information, visit www.fospha.com and follow us on LinkedIn and Twitter for the latest updates.
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Media contact:
Snezhina Kashukeeva
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