Growing customer demand for AI-powered solutions to hiring, retention, diversity and other top CEO and CHRO concerns has propelled expansion into four continents one year out of stealth
MOUNTAIN VIEW, Calif., April 24, 2019 /PRNewswire/ -- Eightfold.ai, the creator of the first Talent Intelligence Platform, announced it has added IVP to its growing list of investors in raising $28 million in a Series C financing. The round, joined by Foundation Capital and Lightspeed Ventures who led previous funding rounds, brings Eightfold.ai's total funding to $55 million, making it one of the most well-capitalized AI solutions for talent management.
Built by co-founders Ashutosh Garg and Varun Kacholia, distinguished engineers out of Google and Facebook, Eightfold.ai's Talent Intelligence Platform empowers enterprises to solve the number one challenge facing chief executives and chief human resource officers today - hiring and retaining top talent. This new funding follows significant interest in Eightfold.ai's patented artificial intelligence–based platform which has secured numerous new customers in four continents around the world since emerging from stealth mode one year ago.
From Fortune 500 companies to fast-growing technology companies, current customers include Conagra, AdRoll Group, Tata Communications and DigitalOcean. The Talent Intelligence Platform from Eightfold.ai is also available via a growing set of channel partners, including the SAP App Center, and integrates with major human resource information systems (HRIS) and applicant tracking systems (ATS).
"Eightfold.ai is using AI to help established enterprises and fast growing companies around the world transform their hiring and talent management," said Jules Maltz, investor at IVP. "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."
"It's our mission to help enterprises turn talent management into a competitive advantage while identifying 'what's next' for individuals," said Ashutosh Garg, chief executive officer of Eightfold.ai. "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."
Growing Interest in Eightfold.ai's Talent Intelligence Platform
In Gartner's Cool Vendors in Human Capital Management for Talent Acquisition, published September 7, 2018, Gartner writes that "[b]y 2020, more than 20 million job seekers will look for automated advice on how to improve their ranking in job-matching algorithms." Eightfold.ai was named a Cool Vendor in this report.
Enterprises partnered with Eightfold.ai observe impressive outcomes including 80% recruiter time savings, 200% increase in qualified candidates and a 19% increase in hiring of women.
Expanding upon its social mission to uncover potential, Eightfold.ai has become the exclusive job matching platform for aijob, the initiative applying AI to coach, re-skill and discover new career paths for Norwegian citizens with disabilities. The results will lead to a more productive and empowered workforce, benefiting 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," said Tore Haukanes, chief executive officer of aijob. "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."
In addition to supporting recruiting and retention efforts for over 100 customers, Eightfold.ai has made significant strides with leaders in the talent management space by partnering with SAP to integrate with SAP® SuccessFactors® Employee Central and SAP SuccessFactors Recruiting solutions, supporting recruiting and HR teams to reach their goals for recruitment, retention and diversity.
"Alexander Mann Solutions works with leading businesses to attract, engage, and retain the world's best talent," said Laurie Padua, global director of consulting for Alexander Mann Solutions. "Eightfold.ai will be offering the powerful Talent Intelligence Platform and innovative solutions such as the Personalized Career Site to help Alexander Mann Solutions' clients address their talent acquisition, talent diversity, and talent management needs with AI and personalization, in Europe and across the world."
Eightfold.ai delivers the Talent Intelligence Platform, the most effective way for companies to identify promising candidates, reach diversity hiring goals, retain top performers, and engage talent. Eightfold.ai's patented artificial intelligence–based platform empowers enterprises to turn talent management into a competitive advantage. Built by top engineers out of Facebook, Google and other leading technology companies, Eightfold.ai is based in Mountain View, California.
With $7 billion of committed capital, IVP is one of the premier later-stage venture capital and growth equity firms in the United States. Founded in 1980, IVP has invested in over 300 companies, 107 of which have gone public. IVP is one of the top-performing firms in the industry and has a 37-year IRR of 43.1%. IVP specializes in venture growth investments, industry rollups, founder liquidity transactions, and select public market investments. IVP investments include such notable companies as AppDynamics (CSCO), Buddy Media (CRM), Casper, Coinbase, Compass, Datalogix (ORCL), Domo, Dropbox (DBX), Dropcam (GOOG), Fleetmatics (FLTX), GitHub, Glossier, HomeAway (AWAY), The Honest Company, Kayak (PCLN), Klarna, LegalZoom, LifeLock (LOCK), Marketo (MKTO), Mindbody (MB), MuleSoft (MULE), Netflix (NFLX), Omniture (ADBE), Pure Storage (PSTG), Rubrik, Slack, Snap (SNAP), SoFi, Supercell (SoftBank), Tanium, TransferWise, Twitter (TWTR), Yext (YEXT), ZenDesk (ZEN), ZipRecruiter, and Zynga (ZNGA). For more information, visit www.ivp.com or follow IVP on Twitter: @ivp.
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