Novaworks Secures $8 Million Seed Funding
Novaworks, based in Los Gatos, California, has announced the successful completion of an $8 million seed funding round. The round was led by Stalwart Ventures, with additional participation from ServiceNow Ventures and Bell Ventures. Novaworks is developing an AI-native Human Capital Management (HCM) operating system that integrates people, workflows, and AI agents across the workforce, utilizing the ServiceNow platform.
Leadership and Vision
The company is co-founded by Kelley Steven-Waiss, who serves as CEO, and Eswar Vandanapu, the CTO. The leadership team is complemented by Melanie Lougee, the Chief Product Officer, who has extensive experience in HR technology from previous roles at Workday, ServiceNow, Gartner, Oracle, and PeopleSoft.
Kelley Steven-Waiss highlighted the need for a modern approach to workforce management, stating: "Legacy HCM systems were built for a static workforce that no longer exists. With the shift to agentic AI, there is an opportunity to leverage emerging technology to define a new operating model for organizations in how they deploy and manage their total workforce, including employees, contractors, and agents."
Strategic Use of Funds
The newly acquired capital will be utilized to accelerate product development, expand the team, and grow Novaworks' customer base. The company's platform is designed to unify people, systems, and AI agents into a cohesive operating model, embedding AI directly into enterprise workflows. This aims to streamline the management of a modern workforce, enhancing both operational efficiency and the employee experience.
Investor Confidence
Stalwart Ventures led the seed round, expressing confidence in Novaworks' potential to redefine workforce management for the AI era. David Mann, an executive at Stalwart Ventures, remarked: "Novaworks is rethinking that foundation with an AI-native platform designed for the modern workforce. We were excited to lead this investment behind a team with such deep domain expertise and a track record of building and scaling successful platforms."
Future Outlook
With the backing of significant investors and a leadership team well-versed in HR technology, Novaworks is poised to make a substantial impact in the enterprise HCM market. The company's innovative approach seeks to address the challenges faced by organizations in managing a dynamic and AI-integrated workforce, positioning itself as a next-generation alternative to traditional HR systems.