Eightfold AI funding
Eightfold AI, based in California on Thursday stated to have raised $220 million in Series E round led by SoftBank’s Vision Fund 2.
In this funding round, existing investors like General Catalyst, Capital One Ventures, Foundation Capital, IVP, and Lightspeed Venture Partners were also seen to participate.
The talent management AI startup has raised more than $410 million till now, with $325 million coming in the last six months. The enterprise startup is now being valued at a staggering $2.1 billion.
In a statement released to the press, the company said it will use the funds to continue the growth and development of its AI-powered talent intelligence platform and expand its growing partner ecosystem.
In addition to this, they are looking at expanding its India operations, investing in data scientists and engineers from the region.
Speaking about the development, Ashutosh Garg, Founder and CEO, Eightfold, said, “Current HR systems were designed to address issues from a previous era, and they have failed to keep pace with the changing nature of work and the workforce. At Eightfold, we have an unprecedented opportunity, using AI to align the career goals of individuals while simultaneously creating better results for employers.”
“Transforming HR and global talent further unlock trillions of dollars worth of human potential. SoftBank shares our bold vision, and we are excited to welcome them as our partner,” he added.
Ashutosh commented, the company started four and a half years back to enable the right career for everyone in the world. He further added, there is a need for personalized upskilling and reskilling programs for employees.
“The pandemic has brought a major shift in the world. We all are working from home, industries like hotels and travel have been hit bad. But others like hospitals, healthcare, and grocery have huge traction. So it has become critical for companies to understand the talent and repurpose it for a better role,” said Ashutosh.
Eightfold AI has customers across Asia, Europe, the US, South America, and Africa in 25 countries, with the customers using the platform in over 15 languages.
Deep Nishar, Senior Managing Partner, SoftBank Investment Advisers, said, “Powered by AI and machine learning, Eightfold’s platform provides global enterprises with a single solution for managing the entire talent lifecycle, including hiring, retaining, and growing a diverse global workforce. We are pleased to partner with Ashutosh and the Eightfold team to support their ambition of transforming how enterprises manage talent and how people build their careers.”
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