Eightfold AI raises $125 Mn in Series D funding
Eightfold AI today announced that it has raised a $125 Mn Series D funding round. A significant amount of this investment will be committed to hiring exceptional talent in India. Additionally, the funds will be used to expand and scale Eightfold's leading AI-powered Talent Intelligence Platform, a single solution for managing the entire talent lifecycle.
The funding round is led by General Catalyst and also includes investors from previous rounds, including Capital One Ventures, Foundation Capital, IVP and Lightspeed Venture Partners. Total funding raised to date by Eightfold AI is more than $180 Mn. Eightfold has more than quadrupled its sales since the last round of equity funding in April 2019. Eightfold AI's customers, leading companies embracing this global talent transformation, include Tata Communications, AirAsia, Bayer, Capital One and Micron.
Ashutosh Garg, Founder & CEO at Eightfold stated, “Our mission is to leverage our expertise in AI to provide the right career for everyone in the world. The Eightfold team has spent the last four years developing a single platform servicing all talent lifecycle needs, bypassing single-point solutions entirely. This is the future of our industry, and has already made Eightfold the go-to provider for industry leaders in every sector. We are grateful to our investors, customers and partners for sharing in our vision, especially at a time when the immediate focus is on the well-being of the global workforce."
Using a single platform to address this critical area stands in direct contrast to the disjointed point solutions commonly found in the talent management space. The Hr Tech firm is now valued at $1 Bn and works with customers across 110 countries, 17 industries, and 13 languages. As a direct result, the company is positioned to invest heavily in growing its India presence, in part by adopting a remote-first model that provides the amenities of an office experience within the comfort of their own homes.
Eightfold AI's single platform for the entire talent lifecycle brings together billions of anonymized data points, algorithms and domain expertise required to make a reliable, scalable impact for enterprise-scale organizations. The patented Talent Intelligence Platform uses deep learning AI on existing public and legacy HCM data to transform how companies acquire, develop and advance talent, and achieve D&I goals. Seeking to evolve their workforce into a competitive advantage, Eightfold customers have achieved significant results, including a 49 percent increase in the number of employees finding their next role within their current company, a 58 percent increase in employees offered other jobs within the same company after their role had been eliminated, and 60 percent more highly qualified candidates applying to open jobs.
Eightfold’s prowess lies in building a successful AI-powered platform for talent acquisition and optimization for the enterprise. Coupled with their approach to partnering with companies to fundamentally understand their needs and then applying tech against those needs to create a scalable, efficient approach to talent management is something that the firm aims to leverage as AI becomes more and more instrumental in successful talent acquisition in the future.