Corporate skills and knowledge management automation platform GoodGist Inc. today announced that it has raised $1 million in funding from several high-profile investors.
According to a company statement, the investment comes as GoodGist prepares to launch an advanced AI Curator designed to upskill and reskill the global workforce in the rapidly evolving corporate landscape.
Funding was allocated from different investors including FortyTwo VC, Cedar Ridge Ventures, DX Partners, and prominent angel investors from leading tech companies such as Microsoft and Amazon.
The new capital injection will enable GoodGist to launch their multilingual GoodGist.com platform in the global markets, expand their team to bolster research and development efforts, and enhance product offerings to mitigate skill gaps and information overload effectively.
“Traditionally, it costs up to $50,000 per finished hour of content for an entire multi-hour course. Remarkably, less than 30% of these courses are initiated by learners, and even fewer are completed. This highlights the urgent need for a paradigm shift in corporate skills development pedagogy,” stated Ruban Phukan, co-founder and CEO of GoodGist Inc.
“We are fortunate to have the backing of investors who fully support our vision and mission. Together, we aim to address and avert what could soon escalate into a crisis for the corporate world if not properly addressed,” he added.
Asutosh Upadhyay, co-founder of FortyTwo.VC shared Phukan’s enthusiasm. “The current L&D systems are designed to address the common denominator and cannot deliver the desired ROI as these models struggle to balance scalability with personalization,” said Upadhyay.
“GoodGist Inc. aims to challenge this bottleneck. Our investment reflects our confidence in the transformative power of AI to reshape enterprise learning and development, and we could not have envisioned a more capable team to lead this endeavor.”
Kirti Reddy, founder and Managing Partner of Cedar Ridge Ventures, also weighed in: “The possibilities here are immense – across the whole value chain of L&D and in many different sectors and markets. We are excited to partner with Ruban and the team to execute against this bold vision.”
According to the World Economic Forum, an estimated 1 billion individuals globally will require upskilling or reskilling by 2030, with failure to meet this demand potentially resulting in an $8.5 trillion hit to the global economy.
GoodGist said it will address these key issues by deploying an advanced AI Curator, leveraging its patent-pending technology designed to personalize learning and research journeys for individuals on-demand to expedite workforce upskilling and reskilling.
Disclosure: This article mentions a client of an Espacio portfolio company.
