US-based online skill assessment platform iMocha raises USD 14 million in Series A round

iMocha, a US-based online skill assessment platform, has raised USD 14 million in a Series A funding round led by Eight Roads Ventures on 27 January 2022.

Investors:  Eight Roads Ventures led the latest funding round with participation from existing investors, Upekkha and Better Capital.

The Objectives behind the funding: The company plans to deploy the current proceeds to increase its skill library selection, reach more global enterprises, and widen its partnership base within the HR Tech ecosystem, it said in a statement. With this investment, Aditya Systla from Eight Roads Ventures and Prasanna Krishnamoorthy from Upekkha will join the company’s board of directors.

About iMocha

Founded in 2015 by Amit Mishra and Sujit Karpe, iMocha (formerly  Interview Mocha) is an online skill assessment platform that helps organisations build winning teams. The company’s platform provides pre-employment testing services to recruit deserving candidates and also reduce administrative hassles in the recruitment process, enabling users to get tools for human capital management. Within a span of two years, the startup grew 400%, added numerous patents in its arsenal, and won numerous prestigious awards. The company has added several Fortune 500 and Global enterprises as its customers crossed the threshold of millions of assessments on its platform and grew its team by 200%, it said in a statement.

What the Founders have to say:

“Without a skill assessment platform to help measure and scale their talent pool, businesses will quickly lose out on talented team members. At iMocha, we’ve built the broadest and deepest technology skills library in the world with measurable outcomes. Our partnership with Eight Roads gives us a great launching pad to serve every Fortune 500 customer needing a skill assessment platform,” said Amit Mishra, Co-Founder and CEO at iMocha.

“By 2025, 50% of the world’s workforce will have to upskill to next-gen digital skills. And by 2030, 60% of the skills required to perform enterprise roles will be different, making ‘skills’ the new currency for staying relevant and competitive. Because of our innovation and, most importantly, our ability to create a skill-fit market, numerous Fortune 500 and global enterprises entrust us with their skills assessment and benchmarking needs,” said Sujit Karpe, Co-Founder and CTO at iMocha.

What the Investor has to say:

“Technology has been disrupting the way we work, and increasingly, every business is transforming into a tech-first company. The idea of a “one-time digital transformation” is passé, and the ability to quantify and analyse the skills matrix of an organisation is critical to effectively drive recruitment and incorporate into learning and development strategies,” said Aditya Systla, Partner at Eight Roads Ventures. “Leveraging an expansive and unique skills database, iMocha’s AI-powered assessment platform has enabled organisations to make the talent management processes more robust and efficient. Over the past few years, Amit, Sujit, and the entire iMocha team have built a unique SaaS platform helping companies stay ahead of the curve on talent management, and we are thrilled to be their partners on this journey.”

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