Plano-based software company AmplifAI announced Tuesday the closure of an $18.5 million Series A funding round. The round, led by Greycroft, includes $12.5 million in equity funding and $6 million in venture debt from Comerica Bank.
AmplifAI offers software that uses AI to monitor worker performance and also gives feedback and suggestions on ways to improve performance. The software works by accumulating data from workers and takes note of high-performing employees. This data is then used to model courses or actionable steps other employees can follow to become high performers as well. According to the company, the software is an example of how automation can augment and improve the workforce.
“We created the category of AI-powered people enablement and continue to prioritize continuous improvement and innovation to maintain our industry leadership,” Sean Minter, CEO and founder of AmplifAI, said in a statement. “This investment aligns with our objectives to enable every organization to better use data to maximize employee and organizational performance.”
LiveOak Venture Partners, Dallas Venture Partners and Capital Factory also participated in the latest funding round. The fresh funding will be used to make further improvements to AmplifAI’s services, according to the company.
AmplifAI now operates in 16 countries and counts The Home Depot, Samsung, GoDaddy, Upwork as clients. The company raised a $3.9 million seed round in 2019, and grew its user base tenfold over the last year.