Fintech PR
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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- Jaehoon Chang is promoted to Vice Chair of Hyundai Motor Group – Automotive Division
- José Muñoz appointed as CEO of Hyundai Motor Company
- Sung Kim appointed as President of Hyundai Motor Company
- Jun Young Choi is promoted to President of Kia Corporation; and Kyoo Bok Lee is promoted to President of Hyundai Glovis
- Appointment of new CEOs for the Group’s affiliates, including Cheol Seung Baek, Hyundai Transys; Joon Dong Oh, Hyundai KEFICO; Hanwoo Lee, Hyundai E&C; Woo Jeong Joo, Hyundai Engineering
SEOUL, South Korea, Nov. 15, 2024 /PRNewswire/ — Hyundai Motor Group (the Group) today announced key executive appointments for the year 2024 as part of its aims to solidify sustainable growth and better prepare for uncertainties in the global business environment.
This appointment reflects its commitment to a performance-based approach that aligns with outstanding achievements. By consolidating the Group’s core competencies and strategically placing proven leaders with verified track records in key positions, the Group aims to strengthen organizational foundations and accelerate our future transformation.
Jaehoon Chang is promoted to Vice Chair of Hyundai Motor Group – Automotive Division, effective Jan. 1st, 2025, to further strengthen the future competitiveness of the Group’s mobility business.
Looking ahead, Chang will oversee the entire value chain, including product planning, supply chain management manufacturing, and quality assessment. He will optimize business operations across the automotive business while securing internal synergies and building foundational systems for cost and quality innovation to ensure sustainable future competitiveness.
José Muñoz is appointed President and CEO of Hyundai Motor Company to advance global management framework and solidify customer-focused mobility innovation through diverse powertrain offerings, including electric, hybrid, ICE and hydrogen technologies, effective Jan. 1st, 2025.
As a result, Muñoz is appointed as the first non-Korean CEO of Hyundai Motor – identified as the ideal fit to further enhance the company’s performance thanks to his merit-based management philosophy and his commitment to recruiting top global talent. Going forward, he is expected to enhance the company’s global management systems and further elevate its stature as a leading global brand.
Sung Kim is appointed as President of Hyundai Motor Company to manage the business effectively through global economic uncertainties, effective Jan. 1st, 2025.
As part of his appointment to enhance the company’s Think Tank capabilities and better navigate various geopolitical challenges, Kim will oversee global external affairs, analyze and research domestic and international policy trends, and lead communications and PR initiatives. He will focus on increasing synergies across the company’s intelligence functions, strengthening external networking and advancing global protocol capabilities.
Jun Young Choi is promoted to President of Kia Corporation from Head of Domestic Production Division and Chief Safety Officer (CSO). Kyoo Bok Lee, CEO of Hyundai Glovis, is promoted to President.
To strengthen sustainable management and accelerate business transformation, the Group has appointed Cheol Seung Baek as CEO of Hyundai Transys and Joon Dong Oh as CEO of Hyundai KEFICO.
To address challenges in the construction industry and accelerate fundamental improvements, the Group has appointed Hanwoo Lee as CEO of Hyundai Engineering & Construction Co., Ltd. (Hyundai E&C) and Woo Jeong Joo as CEO of Hyundai Engineering Co., Ltd.
* Editor’s note: Appointment of all CEOs referenced are subject to approval by the relevant Group affiliate’s Board of Directors
About Hyundai Motor Group
Hyundai Motor Group is a global enterprise that has created a value chain based on mobility, steel, and construction, as well as logistics, finance, IT, and service. With about 250,000 employees worldwide, the Group’s mobility brands include Hyundai, Kia, and Genesis. Armed with creative thinking, cooperative communication and the will to take on any challenges, we strive to create a better future for all.
More information about Hyundai Motor Group can be found at:
http://www.hyundaimotorgroup.com or Newsroom: Media Hub by Hyundai, Kia Global Media Center (kianewscenter.com), Genesis Media Center.
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Fintech PR
DC to VC – NatWest Cushon and Future Planet Capital Lead the Charge in UK Pension Access to British Innovation
LONDON, Nov. 14, 2024 /PRNewswire/ — Future Planet Capital (FPC) is delighted to be working with NatWest Cushon, with a view to the Cushon Master Trust potentially making an investment in the British Co-Investment Fund (BCF). Any future investment will be subject to commercial terms, due diligence, and Trustee approval. If approved, NatWest Cushon’s participation would signify a major step forward, creating new avenues for British pension funds to access high-growth, private technology companies at scale. In partnership with pension solutions provider Mobius Life, the Fund will channel pension investment into the UK’s most innovative and impactful businesses.
The BCF closely aligns with the Chancellor of the Exchequer’s vision under the Mansion House Reforms, aiming to unlock large-scale investment in key British industries. It emphasises the private sector’s pivotal role in accelerating innovation and economic growth, through supporting the UK’s most promising and high-impact technology businesses.
Historically, British pension funds have had limited access to high-growth investment opportunities within the UK, meaning that overseas investors have been the primary beneficiaries of the nation’s flourishing innovation economy. Indeed, according to the BVCA, 86% of venture capital investment comes from overseas investors. To redress the balance, the BCF will be one of the first funds designed specifically for UK regular savings pension funds. It will offer direct and ongoing access to investments in the strategic technologies of the future.
Examples of companies likely to benefit from the Fund’s investments include Tokamak Energy, a world-record holder in nuclear fusion technology. The government-backed UK Innovation and Science Seed Fund (UKI2S), managed by Future Planet Capital, was the first investor in Tokamak Energy, which has since gone on to raise over $250m. This demonstrates the role of public-private partnership in supporting British technology to drive both economic growth and environmental impact. With the support of mainstream British capital, much more can now be done.
Lord Norman Foster, Chair of Future Planet Capital’s Advisory Board shared, “One of our most important tasks is to anticipate the future and find ways to have a positive impact on the wellbeing of people and the planet. We will need intellectual and financial capital to make that happen. This partnership supports the excellent work that is being done to invest in ground-breaking technologies which offer incredible potential.”
Douglas Hansen-Luke, Executive Chairman and Co-founder of Future Planet Capital, commented, “This collaboration enables British pension savers to support the next generation of British innovation, ensuring that UK capital not only backs but also benefits from the country’s technological and sustainable advancements.”
Julius Pursaill, Pensions expert and advisor to the Cushon Master Trust, said:
“There are a number of good reasons to support the UK Growth agenda. Innovations like the British Co-Investment Fund play an important role in delivering on this objective by driving financial growth whilst also offering access to innovative, impact-focused sectors such as climate technology and artificial intelligence, which can help secure the future for pension savers and broader society.”
About Future Planet Capital
Future Planet Capital is an impact-led venture capital firm built to back growth companies from the world’s top universities and research ecosystems. Founded in Britain with global outlook and reach, Future Planet Capital manages over $460m for public and private investors and has deployed a further $200m of co-investment. With 140 portfolio companies across geographies and stages their mission is to invest in high-growth companies solving global challenges. Mapped against the UN Sustainable Development Goals, these include climate change, education, health, security, and sustainable growth.
For more information visit: https://futureplanetcapital.com/
Other potential investments include:
Tropic Biosciences, founded in 2016 with an initial investment from Future Planet Capital’s UKI2S fund, is reshaping agriculture to improve resilience, efficiency, and sustainability in food production.
Roslin Technologies, spun out of the University of Edinburgh, pioneers the development of pluripotent stem cells for cultivated meat. Their technology addresses the global protein gap by enabling scalable, sustainable meat production without raising animals. By providing genetically stable, self-replicating stem cells, Roslin delivers solutions that reduce production costs to less than $15/kg, positioning itself as a leader in a $2BN cell market by 2035.
Beam (formally known as Rovco) is a growth-stage autonomous robotics company specialising in subsea services for the offshore wind sector. With £19 million in 2023 revenue, the company is rapidly scaling, leveraging cutting-edge AI and computer vision to lead the way in subsea autonomy.
Quotes of Support:
Lord Wei of Shoreditch
”Changing the world and making an impact at scale is really tough and at times can be a lonely place. Future Planet Capital has managed to pull together globally an immense network of investors, founders, and experts to tackle the biggest challenges facing the world today. It is truly a fellowship, and a font of innovation, as well as being a premier fund platform. In these fast changing times it is so reassuring to know that there are innovators working on making the world a safer, cooler, and better place, whose chances of success are being supercharged through the FPC community.”
Jim Wilkinson, Chief Financial Officer, Oxford Science Enterprises
‘Future Planet Capital’s investment strategy offers not only something different, but something that has been lacking in this space. Its approach as well as its scope -involving a remarkable series of partnerships with leading universities and university venture funds – make it a very valuable strategic partner for anyone active in this field.’
Paul Abberley, Investment Governance Board Chair
CEO at Charles Stanley, one of the oldest firms on the London Stock Exchange. Previously the CEO / CIO of Aviva Investors.
‘Successful innovations deliver superior investment returns. When those innovations have a positive impact on broader society, the capital investments which makes them possible benefit all stakeholders. Responsible investing of this type is easy to envisage but harder to implement, because identification of suitable opportunities is so challenging. The Future Planet approach bridges that gap.’
Priya Guha OBE, Member of the Future Planet Capital Investment Governance Board
‘With the Chancellor firing the starting gun on this Government’s pension reforms in yesterday’s Mansion House Speech, I am delighted Future Planet Capital are able to announce they are in discussion with NatWest Cushon for an investment into the British Co-Investment Fund. With their strong reputation for investing in high-growth high-impact companies in the technology sector, Future Planet Capital’s BCF is exactly the right vehicle through which pension funds can back the scaling companies of the future; a win-win for British scale-ups and for British pensioners.’
Matthew Hurn OBE, Deputy Chair of Future Planet Capital’s Advisory Board
‘The UK Growth agenda presents an exciting opportunity and it is vital that we have in place the tools needed to fulfil this potential. I strongly welcome this partnership which signals an important step forward – helping to pave the way to greater financial growth while offering savers access to world leading, impactful innovation.’
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Fintech PR
Universal Consulting Opportunities (UCO), a Stellar MLS Subsidiary, Signs Agreement with NAR India As Advisor to Develop a National MLS
ALTAMONTE SPRINGS, Fla., Nov. 14, 2024 /PRNewswire/ — UCO, a subsidiary of Stellar MLS, a leading multiple listing service (MLS) in the U.S. and the fastest-growing in the world, has entered into a landmark agreement with the National Association of REALTORS® (NAR) India as an advisor to successfully launch an MLS across India. This milestone signifies Stellar MLS’s commitment to enhance the real estate industry on a global scale, expanding UCO’s presence worldwide, and furthers NAR India’s journey to modernize and elevate the Indian real estate industry.
Founded in 2008, NAR India is a nonprofit organization that facilitates the professional development of its members and promotes the highest standards and accreditation in the national real estate industry. It is one of only two countries to hold the NAR designation; Canada is the other. UCO will consult with NAR India’s team to guide in areas including the establishment of an MLS, technology, business strategy, organizational setup, and vendor management.
“We are delighted to align with NAR India, a highly respected organization that shares our values of quality customer service, trust and data integrity to benefit the burgeoning real estate market in India,” said Merri Jo Cowen, CEO of UCO and Stellar MLS. “This is a significant nationwide initiative, and we are proud to share our expertise in establishing the MLS concept across India and be a part of NAR India’s mission to utilize the power of collaboration, transparency and an efficient marketplace.”
Cowen also noted the alignment’s potential benefits to Stellar MLS’s Florida customers, such as through referral opportunities: Florida is home to many Non-Resident Indians (NRIs). Current trends highlight the increasing influence of NRIs in shaping India’s real estate landscape, driven by both emotional connections to their homeland and the pursuit of investment opportunities. On the flipside, India is one of the largest foreign investors in Florida real estate, with $5.4 billion in investments in 2020.
“The partnership between UCO and NAR India marks a pivotal moment for the Indian real estate industry,” said Amit Chopra, President, NAR India. “It brings cutting-edge MLS expertise to India, fostering transparency, trust, and professionalism in our market.”
Tarun Bhatia, Vice Chairman and Chair-Global, NAR India, added: “It also creates exciting opportunities for Indian REALTORS® to showcase properties to a global audience, particularly NRIs, fostering stronger international connections.”
Sumanth Reddy, Chairman, NAR India, concluded: “We are proud to embark on this journey with UCO and look forward to the transformative impact it will have on our members and the industry as a whole, opening up new avenues for growth and collaboration.”
Dr. Mathew Kallumadil, UCO Vice President of Global Markets and Stellar MLS Vice President of Technology and Innovation noted the shared synergies between UCO and NAR India. “India is a complex, diverse market with different languages and cultures within the country, and UCO’s experience in accommodating regional differences and helping build scalable MLS systems will be invaluable in developing a sustainable MLS framework,” Dr. Kallumadil said. “Indian society is very highly digitized, and that is critical to a successful MLS and the ecosystem around it.”
The partnership with NAR India expands UCO’s presence to South Asia, in addition to Europe and the Middle East. UCO recently entered into other strategic global consulting opportunities, including with MLS Leader (Romania) and Arab MLS (Middle East) to optimize real estate practices across their respective regions, and with Igluu, a Prague-based digital technology firm, to expand the MLS concept in Europe. Furthermore, UCO has been actively engaged in global forums to support a forward-thinking approach to transforming the industry and its presence is supported through its partnerships with CEPI, the European Association of Real Estate Professions, and FIABCI, the International Real Estate Federation.
For information about UCO and Stellar MLS, visit stellarmls.com/global.
Media Contact: Caryn McBride
Co-Communications
[email protected]
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