Corporate Training Market, an allied market research program estimates Worth more than $400 billion, it has grown exponentially in recent years as companies have realized cost savings in improving the skills of their workers. One PricewaterhouseCoopers Report It found that teaching employees additional skills can save a company between 43% and 66% in layoff costs alone, depending on salary.
But it is still difficult for organizations of a certain size to quickly build and analyze the impact of learning programs. in 2019 Exploratory studyHarvard Business Review, found that 75% of managers are dissatisfied with their employers’ learning and development job and only 12% of employees apply new skills they learned in learning and development programs to do their jobs.
In search of an answer, three Cambridge University scientists—Chibiza Agli, Sarah Ashouri and Jurgen Fink—co-founded Obresome, a company that applies “adaptive learning” techniques to hone and rehabilitate employees’ skills. By leveraging the AI engine, the co-founders claim that Obrizum can tailor company learning experiences for individual employees, identifying knowledge gaps and measuring things like learning efficiency.
“It is becoming increasingly clear that companies will need to continue to invest heavily in effective and successful training and knowledge sharing regardless of the workplace setting,” Agley, CEO of Obrizum, told TechCrunch in an interview. “We are solving a widespread competency problem in the industry. Companies have less time than ever before to create learning or assessment programs. At the same time, there is more and more information to be taught.”
Image credits: Obresome
So how does Obrizum aim to achieve this? By creating what Ugli calls “knowledge spaces” rather than linear courses. Obrizum works with the company’s existing training resources, analyzing and organizing webcasts, PDFs, slideshows, infographics and even VR content into white-label units that adjust based on learner performance in regular assessments.
Obrizum’s algorithms can reinforce concepts and emphasize weaker areas, Agley claims, by detecting guesswork and “click cheating” (that is, fast-forwarding through videos).
“Obrizoom makes it much easier to come across and take advantage of valuable information that may not be used traditionally in learning or training,” said Ugli. “At Obrizum, data of the individual is used to benefit the individual — and that is how it ought to be. Then, at the organizational level, machine learning can be used to identify trends and patterns that can benefit the majority… Managers can see summary data in real time including Usage statistics and a breakdown of performance related to key concepts for groups of learners Management level users can also dig deeper into the performance and activity of individual users.”
Employees uncomfortable with Obrizum’s era analytics Spread of workplace surveillanceFortunately, Agley says, they can anonymize their identity and — in compliance with the General Data Protection Regulation (GDPR) — request deletion of their personal data via self-service tools.
As Obrizum looks toward the future, the company will invest in more comprehensive content automation and analytics technologies, integrations with third-party services and capabilities for collaboration and sharing, according to Me. The pressure is on to stand out from competing platforms such as learnsoftwhich enables automatically selected training and tracking of metrics such as accreditation, as well as the creation of evidence of credentials and certifications for management reviews and audits.
Obrizum also competes with Workera, fine skill refinement platform; Software tool as a service GrowthSpace. And to a lesser extent Go 1, which provides a suite of online educational materials and tools for businesses leveraging content from multiple publishers and silos. The good news is that corporate learning programs remain a lucrative space, with investors pouring more than $2.1 billion into a variety of startups focused on employee “skills” between February 2021 and February 2021. According to Crunchbase data.
Image credits: Obresome
Agley claims that Obrizum works with about 20 enterprise clients at the moment, including a growing range of government, aerospace and defense organizations. He demurred when asked about Obrizum’s revenue, revealing only that it’s increased 17 times since the end of 2020 — mostly due to customer digital transformation efforts that began during the pandemic.
“Obrizum is a sector-agnostic solution that is key to our ability to scale quickly and flexibly even in a challenging macroeconomic climate… Even when it comes to learning experience platforms, Obrizum stands out on its own through the level of automation, precision of its adaptability, and diagnostic detail of the analytics it delivers.” “We are incredibly optimistic about the opportunities available in our sector despite the broader economic outlook. Learning has been, and always will be, in demand in the world of work and in a post-pandemic world, the market for corporate learning is expanding rapidly.”
To date, Obrizum — which employs 38 employees — has raised $17 million in venture capital. This includes an $11.5 million Series A led by Guinness Ventures with participation from Beaubridge, Juno Capital Partners, Qatar Science & Tech Holdings and Celeres Ventures, which closed today.