Eightfold AI Raises $125M Series D Funding Round to Provide the Right Career for Everyone in the World
Now valued at $1 Billion, Eightfold AI is Poised to Fundamentally Transform How Enterprises Manage Talent and How Individuals Build Their Careers
NOIDA, Uttar Pradesh, Nov. 26, 2020 /PRNewswire/ -- Eightfold AI today announced that it has raised a $125M 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. 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. Due to Eightfold's innovative vision and dedication, the company is now valued at $1 billion 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.
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 million. Eightfold has more than quadrupled its sales since the last round of equity fundingin April 2019. Eightfold AI's customers, leading companies embracing this global talent transformation, include Tata Communications, AirAsia, Bayer, Capital One and Micron.
"Our mission is to leverage our expertise in AI to provide the right career for everyone in the world," said Ashutosh Garg, Founder & CEO at Eightfold. "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."
"The opportunity to build a successful AI-powered organization that is simultaneously innovative and essential to the global community is immense," said Vinodh Ravindranath, Head of Artificial Intelligence at Eightfold AI. "India has a long history of development and engineering accomplishments, and we aim to harness that talent to its fullest effect. This investment ensures that the most talented, intelligence and ambitious engineers and data scientists in India will have a place to continue their growth here at Eightfold."
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 has built a true intelligence-driven platform for talent acquisition and optimization for the enterprise. What's been most impressive is 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," said Quentin Clark, Managing Director at General Catalyst. "Theirs is an industry-agnostic approach that has the potential to rapidly evolve how companies meet and retain their best people."
About Eightfold AI
Eightfold AI® delivers the Talent Intelligence Platform™, the most effective way for organizations to retain top performers, upskill and reskill the workforce, recruit top talent efficiently, and reach diversity goals. Eightfold AI's deep learning artificial intelligence platform empowers enterprises to turn talent management into a competitive advantage. For more information, visit www.eightfold.ai.