- Workforce-data network company Brightfield announced that it raised $53 million in Series A funding led by Sapphire Ventures
Brightfield — a company that is powering the world’s largest workforce-data network — announced it has raised $53 million in Series A funding. This funding round was led by Sapphire Ventures with participation from MissionOG, CapitalOne Growth Ventures, and Telescope Partners.
Brightfield’s market intelligence software platform called Talent Data Exchange (TDX) is used by IT, procurement, finance, and HR leaders for managing workforce spending during a time when where an increased percentage of corporate personnel are part of an Extended Workforce made up of temps, consultants, freelancers, “gig” workers, and contractors.
“Only five years ago, we conceived of the idea of TDX, fueled by the conviction to build an unbiased, third-party data exchange to benefit buyers, sellers and intermediaries in the global talent marketplace. Our success was only possible because of the trust and support received from our TDX members, partners, collaborators, and teammates. I couldn’t be prouder of the work accomplished to date and how well we are set up for the road ahead,” said Brightfield founder and CEO Jason Ezratty.
The Extended Workforce represents 1 out of every 3 workers today and $3.7 trillion in global employer spend. And the market has lacked a neutral source of intelligence that companies can use to best design jobs and teams within the economic and operating constraints of a business. Brightfield’s customers like Capital One and Medtronic have used Brightfield’s AI-driven TDX platform to generate recurring savings of 5-10% of spending, reduce the time to fill roles by 25%, and increase hiring manager and candidate satisfaction by optimizing their job taxonomies, workforce mix, pay rates, and supplier networks.
“The gig economy has fundamentally changed the way companies source and engage talent,” added David Hartwig, a Managing Director and Co-Founder of Sapphire Ventures. “Brightfield’s platform is the global standard for executives that need to understand the evolution and economics of how modern work gets done. We’re excited to invest in their unique solution as the extended workforce becomes a top priority for CIOs, CPOs, and HR leaders navigating a rapidly-changing labor market responding to the impact of digital transformation.”
TDX is powered by the world’s largest labor data consortium of employers, staffing firms, managed service providers, and talent networks. After launching in 2015, TDX has grown rapidly to a source of AI trained by over $350 billion in labor spend from over 300 organizations across over 15 industry verticals and 100 countries. And by using proprietary data science and natural language processing, Brightfield ingests ongoing member data feeds on job, cost, and performance data from procurement, finance, and HR systems to record and analyze the context of job descriptions, statements of work, contracts, and financial transactions between employers, suppliers, and workers.
“Our ambition is to close the global skills gap by enabling enterprise decision-makers to drive business outcomes through unified management of internal and external labor sources,” explained Jesse Levin, CEO of Brightfield. “The fourth industrial revolution underway creates a pressing need for market transparency around the historically dark pool of contract labor. TDX reduces commercial friction in this important and growing market to increase the speed and efficiency of a complex, rapidly changing supply chain for modern talent markets. We assembled the unique combination of technology, data, network, and expertise to build an enduring solution for a challenge that employers must solve.”
