Workday launches $250m fund to back emerging tech


Workday, a finance and human resource management company, has launched a fund to invest in AI, machine learning, blockchain, and augmented and virtual reality.

The Workday Ventures fund has a $250m capital pool, and will back early to growth stage companies building new technologies that can be integrated within the business.

This new strategic investment arm will be led by Workday executives Leighanne Levensaler and Mark Peek.

Founded in 2005, the company offers financial management, human capital management and analytics applications for companies, educational institutes and government agencies. Through the technology, both medium and large sized enterprises can simplify tasks such as accounting, auditing and reporting.

Some of the company’s clients include Aviva, Bank of America, Citi, Commerce Bank, Fiserv, Mastercard, Loan depot, and Saxo Bank, among others.

Companies backed by the new vehicle will also receive access to the Workday product executives, connections to customers and hands-on-engagement.

Workday co-founder and CEO Aneel Bhusri said, “Our investment in Workday Ventures reinforces our commitment to staying at the forefront of enterprise innovation. Combining the leadership of Leighanne and Mark with our deep understanding of the enterprise market will position Workday Ventures as an industry leader, supporting the growth of our portfolio companies, community, and business.”

Recently, Workday announced it would open up its cloud platform to enable its customers and partner ecosystem to extend its core applications.

Last year, Workday took part in the $70m Series D investment in to cybersecurity solution developer Duo Security. Alongside the investment, the companies formed a strategic partnership to help improve the security pm the Workday platform.

Copyright © 2018 FinTech Global

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