GoodGist Inc., a leading corporate skills development and knowledge management automation platform, this week announced it has raised $1 million in funding from investors including FortyTwo VC, Cedar Ridge Ventures, DX Partners, and prominent angel investors from leading tech companies such as Microsoft and Amazon.
The Foster City, California based startup is preparing to launch an advanced AI Curator designed to upskill and reskill the workforce in the rapidly evolving corporate landscape. They’ll soon be launching their multilingual GoodGist.com platform into global markets, expanding their team to bolster research and development efforts, and enhancing product offerings to mitigate skill gaps and information overload effectively. The funds raised will help with all of this.
“We are fortunate to have the backing of investors who fully support our vision and mission,” said Ruban Phukan, co-founder and CEO of GoodGist Inc. “Together, we aim to address and avert what could soon escalate into a crisis for the corporate world if not properly addressed.”
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. According to the founders, GoodGist Inc. plans to 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.
According to a company statement, the founders are serial entrepreneurs with several successful exits of technology startups. Their product vision is born from firsthand experience navigating upskilling and knowledge management hurdles in startups and large corporations.
“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,” said Phukan.
Leveraging Generative AI, the platform offers multimodal and multilingual personalized learning and research journeys tailored to individual needs based on roles, goals, and skill levels, supported by GoodGist’s patent-pending “Learning & Research Intelligence Technology.”
Asutosh Upadhyay, an investor and co-founder of FortyTwo.VC, said, “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. 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.”
Another main investor, Kirti Reddy, the founder and Managing Partner of Cedar Ridge Ventures, concurs. “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.”