Moveworks, the leading AI copilot platform for the enterprise, has been named to the Forbes 2023 Cloud 100, the definitive ranking of the top 100 private cloud companies in the world — published by Forbes in partnership with Bessemer Venture Partners and Salesforce Ventures.
The recent rise of generative AI technology has fueled innovation in the industry, but Moveworks has been building its platform with advanced machine learning models since 2016. What started as a chatbot for automating everyday IT support tasks has evolved into an enterprise-wide platform, seamlessly linking employees to all enterprise systems via an AI-driven conversational interface. Powered by a combination of GPT-class large language models and proprietary NLU models, the Moveworks copilot learns the unique language of each organization to solve thousands of use cases across their business — all using natural language.
“There has been an AI uprising in the past year, which underpins the rapid innovation happening across the entire cloud industry,” said Bhavin Shah, CEO of Moveworks. “At Moveworks, we offer a single, unified interface that connects to every enterprise system so customers can get the most out of their knowledge base, systems, applications, and workflows. The result is a massively simplified experience for employees and increased productivity for the entire organization. The honor of being recognized on the Forbes Cloud 100 list further validates the work we are doing at Moveworks to make language the universal UI.”
Navigating the enterprise environment can be complex for employees. On average, employees lose 5 working weeks a year simply toggling between hundreds of apps and systems. With Moveworks’ enterprise copilot, employees can surface information and take action across every enterprise system. Findings from a recent Forrester Consulting study revealed an ROI of 256% over three years for Moveworks customers. Users across IT, HR, finance, and other cross-departmental use cases can reclaim nearly 90,000 end-user hours annually and drive productivity savings of $3.6 million.
“The companies of the Cloud 100 list represent the best and brightest private companies in this crucial tech sector,” said Kenrick Cai, the Forbes editor of the Cloud 100. “This year’s companies had to react rapidly to AI’s sweeping impact while contending with a market pullback. Their resilience puts them in elite company. Congratulations to each of the 2023 Cloud 100 honorees and the 20 Rising Stars who are showing early potential to one day join their ranks.”
For the eighth consecutive year, the Cloud 100 reviews submissions from hundreds of cloud startups and private companies each year. The Cloud 100 evaluation process involved ranking companies across four factors: market leadership (35%), estimated valuation (30%), operating metrics (20%), and people & culture (15%). For market leadership, the Cloud 100 enlists the help of a judging panel of public cloud company CEOs who assist in evaluating and ranking their private company peers.
“This year’s Cloud 100 list is one of the most dynamic in history. While the industry faced macro headwinds, the 2023 Cloud 100 winners displayed the innovation and resilience of the cloud economy and the combination of growth and efficiency that prove the power of the cloud business model. 95% of the honorees are forecasted to reach Centaur status — $100 million of annual recurring revenue — by the end of the year,” said Mary D’Onofrio, partner at Bessemer Venture Partners. “It is further exciting to see so many honorees at the forefront of the AI revolution, which we believe will continue to transform the cloud and propel the next wave of growth for many of this year’s winners.”
“The past year our industry has seen a generational step forward in innovation and with AI leading the charge, we are witnessing one of the most important platform shifts in decades,” said Paul Drews, managing partner, Salesforce Ventures. “The Cloud 100 list represents the best of the best and we’ve never been more excited about what the future holds, not only for the cloud but for the entire technology industry. We are proud of what these founders and their communities have already accomplished and look forward to seeing how they continue to transform the industry in the future.”
The Forbes 2023 Cloud 100 and 20 Rising Stars lists are published online at www.forbes.com/cloud100. Highlights of the list appear in the August/September 2023 issue of Forbes magazine.
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