Reinforces Workday's Position as a Leading
Artificial Intelligence and Machine Learning Innovator Driving the
Future of Work
PLEASANTON, Calif., Feb. 7, 2023
/PRNewswire/ -- Workday, Inc. (NASDAQ:WDAY), a leader in enterprise
cloud applications for finance and human resources, today announced
a $250 million expansion of its
Workday Ventures fund. The additional $250
million investment capital from Workday into Workday
Ventures, the strategic capital arm of Workday Inc., builds on the
company's solid performance and is the latest step in its journey
to shape the future of work.
At a time when global fragmentation, emerging working models,
and accelerated innovation are transforming the way organizations
manage their workforce, companies must embrace technologies like
artificial intelligence (AI) and machine learning (ML) to help them
rapidly adapt to change at scale today, so they are prepared for
the business needs of tomorrow. To help support this, Workday is
expanding its Workday Ventures fund to focus on larger growth
areas, including emerging technologies like generative AI, which
speaks to the company's ongoing focus on embracing innovations that
unlock human potential in the changing world of work.
"This additional investment capital into Workday Ventures is
reflective of our continued commitment to serving our customers,
helping them not only adapt but thrive and lead the future of
work," said Pete Schlampp, chief
marketing officer and executive vice president of corporate growth,
Workday. "We partner with pioneering technology companies that are
closely aligned with our values such as innovation, integrity, and
customer service, and we are laser-focused on supporting customers,
entrepreneurs, and changemakers that help redefine our
industry."
The expansion of the fund will further reinforce Workday
Ventures' strategic focus on:
- AI and ML. Workday Ventures is focused on investing in
global enterprise software companies that offer AI and ML
technologies, empowering agile and insights-driven decision-making
for finance and human resources (HR) teams. For example, Workday
Ventures has invested in companies that offer conversational AI,
such as Paradox, which provides a conversational recruiting
platform to automate the talent acquisition process.
- Intelligent Automation. Workday Ventures will continue
to invest in the intelligent automation of financial and HR
business processes, and empower intelligent resource management for
greater efficiency and talent optimization. For example, Workday
Ventures has invested in Auditoria, which provides an AI-based
platform to automate and increase the speed, accuracy, and
productivity of accounts payable and receivable teams.
- Serving Targeted Markets. Workday Ventures is expanding
investments into key industries, adjacent markets, and solutions to
deliver even more value to customers. For example, Workday Ventures
has invested in companies that serve the retail industry, such as
Prevedere, which offers econometric forecasting powered by global
data and AI, giving retailers a real-time view of future shopper
demand and drivers.
"As a Workday Ventures portfolio company, Auditoria integrates
with Workday Financial Management to deliver intelligent supplier
automation, freeing suppliers and buyers from manual work,
eliminating repetitive work, and speeding up the entire cycle,"
said Rohit Gupta, co-founder and CEO
of Auditoria. "Partnering with Workday has enabled us to bring
transformative solutions, powered by artificial intelligence,
machine learning, and natural language technology, to finance
teams, enabling them to move faster and accomplish more through
intelligent automation at scale. The investment and partnership
with Workday have allowed us to partner with CFOs to optimize and
transform their operations."
This additional investment expands on Workday Ventures' existing
portfolio of 43 technology companies since the initial $250 million fund was announced in 2018.
About Workday
Workday is a leading provider of enterprise cloud applications for
finance and human resources, helping customers adapt and thrive in
a changing world. Workday applications for financial management,
human resources, planning, spend management, and analytics have
been adopted by thousands of organizations around the world and
across industries – from medium-sized businesses to more than 50%
of the Fortune 500. For more information about Workday, visit
workday.com.
© 2023 Workday, Inc. All rights reserved. Workday and the
Workday logo are registered trademarks of Workday, Inc. All other
brand and product names are trademarks or registered trademarks of
their respective holders.
Forward-Looking Statements
This press release contains
forward-looking statements including, among other things,
statements regarding Workday's plans, beliefs, and expectations.
These forward-looking statements are based only on currently
available information and our current beliefs, expectations, and
assumptions. Because forward-looking statements relate to the
future, they are subject to inherent risks, uncertainties,
assumptions, and changes in circumstances that are difficult to
predict and many of which are outside of our control. If the risks
materialize, assumptions prove incorrect, or we experience
unexpected changes in circumstances, actual results could differ
materially from the results implied by these forward-looking
statements, and therefore you should not rely on any
forward-looking statements. Risks include, but are not limited to,
risks described in our filings with the Securities and Exchange
Commission ("SEC"), including our Form 10-Q for the fiscal quarter
ended October 31, 2022, and our
future reports that we may file with the SEC from time to time,
which could cause actual results to vary from expectations. Workday
assumes no obligation to, and does not currently intend to, update
any such forward-looking statements after the date of this
release.
Any unreleased services, features, or functions referenced in
this document, our website, or other press releases or public
statements that are not currently available are subject to change
at Workday's discretion and may not be delivered as planned or at
all. Customers who purchase Workday services should make their
purchase decisions based upon services, features, and functions
that are currently available.
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SOURCE Workday Inc.