Mendo, a startup specializing in employee training on the use of software and generative AI tools, announced its second fundraising round of €3.5 million. Following a first round of €700,000 in November 2023, this new capital injection will enable Mendo to expand its solutions to more companies and tools, while initiating its international expansion, particularly in the United Kingdom.
This funding round was led by UK-based fund Emerge Education, a leader in the education sector, with the support of historical investors Tomcat Ventures, as well as renowned Business Angels such as Claudio Erba, CEO of Docebo (NASDAQ: DCBO).
“We firmly believe that generative AI can only unlock its full potential if it is well understood and properly used by teams,” said Quentin Amaudry, co-founder and CEO of Mendo. “This fundraising will allow us to support more companies in their digital transformation, ensuring the smooth and sustainable adoption of these new technologies”.
“We chose to partner with Mendo because their solution addresses a critical need: ensuring that the adoption of AI is not just a passing trend but a real long-term driver of transformation and productivity for businesses,” explained Jan Lynn-Marten, Founding Partner of Emerge. “We are convinced that Mendo, with its innovative approach to training and support, We are convinced that Mendo, with its innovative approach to training and support, is perfectly positioned to play a major role in this space.”
In a context where the adoption of generative AI remains a challenge for many businesses, Mendo aims to ensure a smooth and sustainable integration of these technologies. According to a global survey by McKinsey, 65% of organizations regularly use generative AI in 2024, nearly double compared to the previous year. The same study reveals that 72% of companies worldwide are actively encouraging their employees to adopt these technologies. However, a study conducted by G2[1] reveals that adoption by companies and their employees remains low and poses a real challenge for generative AI. Only 13% of AI chatbots reviewers work for companies with more than 1,000 employees, and the percentage of enterprise users for LLMs is even lower, at 8%.
Mendo positions itself as a key player in the digital transformation of large companies with its SaaS solution that trains employees to make optimal use of software. Its application, MendoGPT, is specifically designed for the adoption of generative AI in tools such as Microsoft Copilot 365.
Patrice Thiry, Co-Founder of Tomcat Factory & Tomcat Invest, added: “Mendo is a startup that perfectly embodies the ambition and speed of execution we seek at Tomcat Factory. Alexandre Pinon and Quentin Amaudry have successfully tackled the challenge of generative AI adoption in businesses, and this funding round is another step toward accelerating their growth. Their motivation and vision are key drivers of their success, and I am confident they will have a significant impact on the digital landscape.”
The €3.5 million fundraising will allow Mendo to strengthen its team and accelerate its growth, particularly internationally (currently 10% of its revenue), and double the number of employees trained in the next year – already over 15,000 people since its launch. The company plans to hire 20 new employees, primarily sales professionals to support its sales and deployment efforts, as well as developers and marketing profiles.
Read the orginal article: https://www.eu-startups.com/2024/10/paris-based-mendo-raises-e3-5-million-to-accelerate-adoption-of-genai-in-companies/
