Total amount raised
$86 Million
Latest funding date
04/01/2022
Location
STRIVR has successfully raised significant funding to support its mission of enhancing workforce performance through immersive learning experiences delivered via virtual reality (VR) and extended reality (XR). The company's innovative platform, WorkWise, is designed to provide smarter Standard Operating Procedures (SOPs) and is supported by enterprise-grade software infrastructure.
Keep reading to explore the intricacies of STRIVR's fundraising journey and the investors backing this transformative platform.
What Is STRIVR?
STRIVR is a company that leverages virtual reality (VR) and extended reality (XR) to deliver immersive learning experiences aimed at elevating workforce performance at scale. Their solutions are designed to enhance employee engagement, performance, and productivity through AI-powered VR training sessions.
Serving a variety of industries, including financial services, retail, hospitality, logistics, manufacturing, healthcare, travel, transportation, energy, and utilities, STRIVR offers a platform for delivering VR training and a content studio for creating custom and off-the-shelf VR training experiences. The company is trusted by leading Fortune 1000 enterprises and provides extensive resources and support for their solutions.
How Much Funding Has STRIVR Raised?
- Seed Round
- Amount Raised: USD 5,000,000
- Date: December 2016
- Lead Investors: Signia Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and launch their VR training platform, aiming to revolutionize workforce training through immersive experiences.
- Series A
- Amount Raised: USD 16,000,000
- Date: October 2018
- Lead Investors: GreatPoint Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale their operations and expand their VR training solutions to more industries.
- Series B
- Amount Raised: USD 30,000,000
- Date: March 2020
- Lead Investors: Georgian
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To address the challenges posed by the "Great Resignation" and to scale their VR training platform for employee development, upskilling, and reskilling.
- Series B Extension
- Amount Raised: USD 35,000,000
- Date: April 2022
- Lead Investors: Georgian
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To bolster their business as companies seek new ways to engage, upskill, and reskill their distributed workforce, and to scale their content offering and strategic partnerships.
Total Amount Raised: USD 86,000,000. Current Valuation: Not publicly disclosed.
Key Investors
- Georgian
- Details: Georgian is a growth equity firm that invests in high-growth technology companies. They focus on companies that leverage applied artificial intelligence, trust, and conversational AI.
- Investment Focus Areas: Applied artificial intelligence, trust, conversational AI
- Notable Investments: Not publicly disclosed
- Accenture Ventures
- Details: Accenture Ventures is the venture capital arm of Accenture, a global professional services company. They invest in companies that create innovative enterprise technologies and solutions.
- Investment Focus Areas: Disruptive enterprise technologies
- Notable Investments: Accenture's procurement of 60,000 VR headsets for staff onboarding and training
- Workday Ventures
- Details: Workday Ventures is the strategic investment arm of Workday, focusing on early to growth-stage companies that are innovating in enterprise software. They invest in companies that align with Workday's mission to help organizations manage their workforce and finances.
- Investment Focus Areas: Enterprise software, workforce and financial management solutions
- Notable Investments: Integration of Strivr into the Workday Content Cloud
- Gaingels
- Details: Gaingels is a network of investors that focuses on supporting and funding companies with diverse and inclusive leadership teams. They invest across various sectors and stages of company growth.
- Investment Focus Areas: Companies with diverse and inclusive leadership
- Notable Investments: Not publicly disclosed
- Bank of America
- Details: Bank of America is a multinational investment bank and financial services company. They provide a wide range of financial services to individual consumers, small and middle-market businesses, and large corporations.
- Investment Focus Areas: Technology, financial services
- Notable Investments: Not publicly disclosed
What's Next for STRIVR?
STRIVR is poised to capitalize on the growing demand for VR training solutions, particularly as companies seek innovative ways to attract and retain talent amid the "Great Resignation." With significant partnerships with major corporations like Walmart, Bank of America, and MGM Resorts, the potential for expansion into new industries and the development of new content is vast. The integration of STRIVR's platform with Workday Content Cloud further enhances its market reach, offering comprehensive training solutions to a broader audience.
Future fundraising opportunities appear promising, given the increasing adoption of VR technologies in the workplace. Strategic investments from firms like Georgian, Accenture Ventures, and Workday Ventures indicate strong investor confidence, paving the way for additional funding rounds. However, STRIVR may face challenges such as competition from other VR training providers and the need to continuously innovate to stay ahead in a rapidly evolving technological landscape.
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