Youreka Labs, Creator of Digital Assistant Apps for Frontline Workers, Raises $8.5 Million Series A
Salesforce Ventures Joins Round Co-Led by Grotech Ventures and Boulder Ventures
BALTIMORE, August 12, 2021-- Mobile service innovator Youreka Labs Inc. today announced that it has raised an $8.5M Series A round co-led by Boulder Ventures and Grotech Ventures with participation from Salesforce Ventures. This investment comes in the wake of 300% growth in 2020. Youreka's platform allows organizations to build smart mobile assistant apps that help frontline workers perform their jobs better and faster. Proceeds from the financing will be used to scale the business, expand Youreka's offerings and execute its roadmap with Salesforce. In conjunction with the financing, Karen Mehal, VP Product Management for Salesforce Field Service, will be joining Youreka's Board of Directors as an observer.
Due to frontline worker skills shortages, businesses miss massive opportunities to grow, profit, and better serve their customers. A recent Korn Ferry study illustrates that the biggest issue isn't that robots are displacing all the jobs - it's that there aren't enough qualified people to take them. The study finds that by 2030, there will be a global human talent shortage of more than 85 million people. If left unchecked, in 2030, that talent shortage could result in about $8.5 trillion in unrealized annual revenues. A particularly pointed need is felt in the healthcare, manufacturing, financial services, energy, utilities, and public sector verticals, where the demand for skilled field workers is far outpacing supply.
Youreka's mission is to help close this skills gap by upskilling frontline workers. By making it easy to complete complex procedures in the field with less training and experience, Youreka improves customer service and opens access to new career opportunities. For example, using Youreka, a nurse can conduct a more comprehensive health assessment, an oil well supervisor can better ensure the safety of a rig, or a field technician can more rapidly diagnose and repair a generator. By helping workers be more effective, Youreka also helps their employers open new growth opportunities and better delivery on their organizational goals.
Youreka simplifies the development and delivery of smart mobile service applications with a no-code authoring studio and one-click deployment across all major device platforms, including Apple, Android and Windows. In addition, Youreka provides analysis and feedback to improve field procedures and technician effectiveness continuously. Built directly on the Salesforce Customer 360 platform, Youreka provides seamless integration for Salesforce users and is collaborating with Salesforce on the next-generation mobile experience for frontline workers.
Youreka, CEO and former GM of IBM Cloud Platform Bill Karpovich, said, "The new investment and collaboration with Salesforce will help us to further our innovation and expand our reach. While new technologies such as AI and automation are often viewed as putting people out of work and depersonalizing customer service, Youreka helps individuals do their very best work and helps organizations deliver exceptional experiences. This is an important technology with broad application. We are excited to enter the next chapter of market leadership, growth and impact."
"Service is all about delivering an amazing experience for the customer," said VP Product Management for Salesforce Field Service, Karen Mehal. "Youreka helps Salesforce customers deliver on this vision by elevating the experience of frontline workers without leaving Salesforce Customer 360."
About Youreka Labs
Youreka Labs is closing the skills gap with its proprietary, no-code mobile technology platform that makes it easy to build smart mobile service applications that assist frontline workers across various industries, including health and life sciences, energy, utilities, etc manufacturing, financial services and government. Built on the leading cloud platform, Salesforce, Youreka enables organizations to elevate the capabilities of their mobile workers and in turn improve customer service and accelerate growth. Headquartered in Baltimore, Maryland, Youreka is privately funded with investments from Boulder Ventures, Grotech Ventures, and Salesforce Ventures. For more information visit www.youreka.io.
About Salesforce Ventures
Salesforce is the global leader in Customer Relationship Management (CRM), bringing companies closer to their customers in the digital age. Salesforce Ventures, the global investment arm of Salesforce, invests in the next generation of enterprise technology that extends the power of the Salesforce Platform. Salesforce Ventures is building the world's largest ecosystem of enterprise cloud companies and extending that technology to customers. Portfolio companies receive funding, strategic advisory, and operating support, and can easily join Pledge 1% to make giving back part of their business model. Salesforce Ventures has invested in more than 400 companies, including DocuSign, GoCardless, Guild Education, nCino, Twilio, Zoom, and others across 22 countries since 2009. For more information, please visit www.salesforce.com/ventures.
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