Mobile field service startup Youreka Labs Inc. raised an $8 million Series A round of funding co-led by Boulder Ventures and Grotech Ventures, with participation from Salesforce Ventures.
Maryland’s company officially named its CEO, Bill Karpovich. He had previously held executive positions at General Motors as well as IBM Cloud & Watson Platform.
Youreka Labs was founded by Synaptic Advisors as a cloud-consulting business that focuses on customer relations transformations with Salesforce.
This company develops robotic mobile assistants for frontline workers that allow them to work more efficiently and safely. These include guided procedures, smart forms, and image or video capture. Youreka can also be embedded in Salesforce mobile apps like Field Service Mobile, so end-users need only use one app.
Youreka identified four possible use cases: manufacturing, healthcare, energy, utilities, and public sector. The company works with P&G and Humana, as well as the Transportation Security Administration. This technology allows people to exchange their processes and knowledge with others in the field. Karpovich explained this to TechCrunch.
He explained that healthcare involves taking complicated medical evaluations from doctors and pushing them to nurses in the field. This is done by collecting data and turning it into an app. It allows nurses to perform a wonderful job, even without becoming doctors.
Karpovich stated that the company sought Series A funds because the time was right for the company to move faster. He had been receiving interest from investors and was getting inbound. The company’s current focus is on Salesforce, though that could change over time.
This funding will go towards expanding the company’s products and reach. To expand the platform, he expects to increase the engineering team by at least two-thirds in six to twelve months. Youreka has 100 clients today. Karpovich wants to expand that number by investing in marketing.
He sees potential for financial services and insurance in addition to the already identified use cases. This is especially important when it comes to assessing damages. Karpovich plans to grow the company in Europe and the United States.
The company’s growth in 2020 was 300%. Karpovich attributes this to the use of field services. Youreka charges per end-user per month and an administrative license for those creating apps. These charges are in addition to the monthly pricing.
He said that there are currently 2.5 million open jobs today, and this is because employers can’t find the right people. These jobs are now available. While some may argue that AI has eliminated jobs, we use AI to improve jobs. You could create so many new opportunities if you can access 90% of knowledge, and then give it to people who are less skilled.
Publiated at Thu, 12 August 2021 13:41.22 (+0000).