On Thursday, Torch, a leadership and coaching enterprise, announced the acquisition of Praxis Labs, a learning development platform, for an undisclosed sum.
Elise Smith, Praxis Labs’ co-founder and CEO, explained to TechCrunch that the company’s decision to sell was based on establishing robust partnerships in the product and go-to-market areas to expand its client base. Smith, who employs fewer than 20 individuals, was serving companies as large as Amazon.
She and her co-founder, Heather Shen, encountered Torch CEO Heather Conklin while both were already employed in the leadership development sector.
Smith continued, “We were immediately struck not only by our shared values and mission, but also by the extent to which we agreed on the necessary steps to truly future-proof the next general workforce.”
“There was a clear connection and opportunity to integrate Praxis’ AI coaching, practice, and skill assessments with Torch’s contextual coaching and organizational insights.”
Praxis Labs was established in 2019 and has collaborated with organizations such as eBay, Zoom, Amazon, Google, and Target to establish more inclusive and equitable work environments using leadership training and skill assessments.
It is worth noting that Smith was one of the few Black women to raise over $1 million in venture capital funding in 2021, when she secured a $15 million Series A.
Emerson Collective, Penny Jar Capital, founded by Steph Curry, Precursor Ventures, and Ulu Ventures, were among the investors in that round.
Smith and Shen will assume the positions of director of AI growth and head of AI product, respectively, at Torch. The Praxis crew will also join Torch.
“At present, every company and executive team is confronted with the critical question: How will they prepare and oversee the next generation of work that involves both humans and AI, while simultaneously preserving the human connection essential for genuine workforce and company transformation?” she stated.
“We are certain that our affiliation with Torch will provide us with the most advantageous opportunity to assist companies in resolving this issue at this critical juncture.”
