Some businesses are applying the lessons of lockdown to introduce new ways of organising, overseeing work and also motivating their employees. Centrical, an employee engagement and performance platform from the UK focussed on the future of work, has pocketed $32 million (nearly £23 million) funding recently.
The round was led by Intel Capital, a new investor and JVP, its largest shareholder. The others that took part in the investment round are C4 Ventures and Citi Ventures, some new investors and existing investors including Aleph, CE Ventures, La Maison Compagnie d’Investissment and 2B Angels.
Centrical will use the investment to accelerate market engagement, enter new markets, and enhance customer value by the creation of additional solutions catering to the needs of the organisations and their employees working in hybrid work environments. It will also expand its portfolio of vertical market solutions and new products. These are aimed at helping achievement of high-level corporate goals, crisis management, and other business agility-related activities.
“Centrical is liberating and revolutionising the lives and performance of frontline employees in large organisations. So often, these key employees are burned out, feel they’re not getting the right attention, don’t understand the goals of the organisation, and do not receive sufficient training,” said Erel Margalit, JVP’s Founder & Executive Chairman who becomes Centrical’s Board Chairman.
“Intel Capital invested in Centrical because we believe the company’s innovative augmented people intelligence platform addresses the needs of companies and employees operating in today’s global, hybrid workplace. Through on-going innovation and expansion of its Employee-centric Success Platform, Centrical can disrupt many of the world’s largest enterprises and help drive successful business outcomes,” said Trina Van Pelt, an Intel Capital Vice President and Senior Managing Director.
Revolutionises future of work
Founded by Gal Rimon in 2013, Centrical combines advanced gamification with personalised micro-learning, adaptive coaching and real-time employee performance management tools. Its goal is to make employees feel part of their organisation and train, interact and perform in hybrid workplaces or at home.
The company believes that when employees are engaged and motivated to be a part of a culture of continuous learning and excellence, it leads to a Better Together organisation.
Eyes to enter new markets
Centrical, formerly known as GamEffective, announced several new modules to its Employee-Centric Success Platform. These include Augmented People Intelligence, which combines AI-powered analytics with the creative and empathetic characteristics of human intelligence, adaptive coaching tools, employee engagement, and well-being capabilities. This comes useful amidst the COVID-19 pandemic by letting employees become a part of their organisations as they work remotely.
“Over the prior eleven months, customer usage of the Centrical platform grew by more than 500%. That’s a clear indication Centrical is key to forming performance-driven cultures in businesses,” said Gal Rimon, Centrical’s Founder & CEO. “Centrical will dominate the Employee-Centric Success category because of our ability to understand the role employees play in an enterprise and offer the right way to engage them to create a win-win engagement. This investment lets us bring an even more compelling set of solutions to more organisations to make employees the centre of their business success.”
Grows with its clients
Centrical witnessed 6x growth in its usage by customer employees during 2020. This way, it lets them fulfil the key roles they play in the success of their companies. It operates from offices in New York City and Israel, Centrical serves enterprises including Microsoft, Novartis, Synchrony Financial, Unilever, and Swiss Life. Along with this company, its clients, including Microsoft, have already witnessed 10% improvement in its call centre employees’ productivity and 12% reduction in absenteeism.
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