Photo Credit: Eightfold.ai
Mountain View, California-based Eightfold.ai — the creator of the first Talent Intelligence Platform — announced it has raised $28 million in Series C funding. And the company has added IVP to its growing list of investors. Foundation Capital and Lightspeed Ventures joined this round. Including this round, Eightfold.ai has raised $55 million.
Launched by co-founders Ashutosh Garg and Varun Kacholia, Eightfold.ai’s Talent Intelligence Platform enables enterprises to solve the biggest challenges facing CEOs and human resources departments — which is hiring and retaining top talent.
“It’s our mission to help enterprises turn talent management into a competitive advantage while identifying ‘what’s next’ for individuals,” said Eightfold.ai CEO Ashutosh Garg. “Our AI platform is allowing us to innovate and collaborate with our customers and partners at an unprecedented speed and scale. Our growing team is delighted and privileged to solve employment for everyone.”
This round of funding follows a significant interest in Eightfold.ai’s patented artificial intelligence–based platform — which has secured new customers across four continents around the world since it emerged from stealth mode a year ago.
Some of the company’s current customers include Conagra, AdRoll Group, Tata Communications, and DigitalOcean. And Laurie Padua –Global Director of Consulting for Alexander Mann Solutions — pointed out that Eightfold.ai is going to provide its Talent Intelligence Platform and innovative solutions like the Personalized Career Site to help Alexander Mann Solutions’ clients address their talent acquisition, talent diversity, and talent management needs in Europe and across the world.
Eightfold.ai’s Talent Intelligence Platform is available through a number of channel partners including the SAP App Center. And it integrates with major human resource information systems (HRIS) and applicant tracking systems (ATS).
“Enterprises are preparing for the Future of Work by reimagining the employee and candidate experience,” explained SAP Business Development & Ecosystems Lori McNally. “SAP SuccessFactors is excited to partner with Eightfold.ai to address the talent needs of today’s organizations. SAP clients can discover Eightfold.ai on the SAP App Center.“
In Gartner’s 4Q18 Emerging Risks Report and Monitor report, 63% of surveyed senior executives have named talent shortage as the top risk facing organizations in Q4 2018 — which is the top emerging risk in the survey. According to Gartner, more than 20 million job seekers will look for automated advice on how to improve their ranking in job-matching algorithms by 2020. Eightfold.ai was named a Cool Vendor in the report.
“Eightfold.ai is using AI to help established enterprises and fast growing companies around the world transform their hiring and talent management,” added IVP investor Jules Maltz. “The company is improving all facets of talent management, from recruiting to retention to achieving diversity goals. We’re thrilled to be working with Ashutosh, Varun and the incredible team at Eightfold.ai to solve employment at scale.”
Eightfold.ai’s enterprise partners have seen impressive outcomes including 80% recruiter time savings, a 200% increase in qualified candidates, and a 19% increase in hiring of women.
Plus Eightfold.ai has become the exclusive job matching platform for aijob — which is the initiative applying AI to coach and discover new career paths for Norwegian citizens with disabilities. These results will lead to a more productive and empowered workforce as it benefits both the people and the government of Norway.
“The aijob initiative is a critical partnership between the government and employers of Norway to bring more citizens back into the workforce,” noted aijob CEO Tore Haukanes. “As the Talent Intelligence Platform for aijob, Eightfold.ai provides personalized job matches and skills development advice for each person. With Eightfold.ai, we now have a platform that can scale our ability to provide more meaningful work—part-time or full-time—for our people.”
