[Funding alert] 100X.VC-backed SaaS startup BHyve raises $300K from JITO Angel Network, LetsVenture, others
Mumbai-based BHyve, a future of work platform for diffusing employee tacit knowledge and enabling peer learning networks, on Wednesday said it raised $300,000 from JITO Angel Network, LetsVenture, and other angel investors.
Backed by 100X.VC earlier in May 2021, BHyve will use the freshly infused capital for marketing to increase its sales and build the brand. It will also use the funds for enhancing the technology and building its clientele.
“Raising money through JITO Angel Network has been an insightful experience. We appreciate the hands-on nature and speediness of the deal. With a supportive team, Great smart capital and very progressive investment thesis, has helped us to demonstrate our vision and get marquee investors on board,” said Omkar Pandharkame, Co-founder, BHyve.
Omkar Pandharkame, an Organisational Psychologist, Ketaki Ogale, an MBA from Fordham University, and Vihang Mirkhelkar, who has scaled technology for high growth startups in Silicon Valley, are the co-founders of BHyve.
The startup was ideated during the pandemic and launched in February 2021 to ensure productivity and quick access to employee wisdom for a distributed and remote workforce.
BHyve is a SaaS future of work platform that claims to help companies document tacit knowledge and enable peer learning networks, which leads to a 35 percent increase in productivity and a 30 percent reduction in time spent looking for information and an engaged future-ready workforce.
The startup is incubated at Atal Incubation Centre and Rambhau Malge Prabodhini. It claims to serve leading corporations from BFSI, healthcare, pharma, and manufacturing sectors and will soon enter the North American market.
“Employees are the most important assets of any company, and BHyve has an innovative platform to cater to the future of work. To remain competitive, all progressive companies around the globe will need this platform. At 100X.VC, we are delighted to be the first institutional investor in BHyve as we firmly believe that the founders’ vision will make BHyve a truly global company,” said Ninad Karpe, Partner, 100X.VC.
In a recent study conducted by Steelcase across 10 countries, it was observed that 72 percent of the organisations (85 percent in India) were in favour of a hybrid model, where employees can work both from home and office.
BHyve addresses this gap by tapping into the most underrated company asset - the tacit knowledge of employees.
Deal Lead, Keerthi Kumar, Founder, Insurepays, believes that with its intuitive technological solutions, BHyve aids organisations to diffuse employee wisdom, exponentially reduce time and effort to trace internal knowledge, seamlessly introduce and deeply engage peer learning, and most importantly, uncover tacit knowledge at the split of a second.
“In short, BHyve is the answer to build future-proof organisations, which build unparalleled leadership (bench) strength within existing set up, creates and encourages boundary-less employee culture in a harmonious manner. We at JAN are extremely excited to have BHyve as our portfolio company, and looking forward to transforming the way companies interact and leverage their internal resources,” he added.
JITO Angel Network (JAN) is a community-based platform focused on new venture investing. The network today has a portfolio in various sectors, has invested in 45+ companies, and has taken a few exits. The firm is deeply looking to invest in space-tech and defence companies.