Eightfold AI raises $220 million at $2.1 billion valuation1 min read . Updated: 10 Jun 2021, 09:38 PM IST
- The company will use the funds to expand its India operations, hiring data scientists and engineers in the region
Talent management platform Eightfold AI on Thursday said that it has raised $220 million as a part of its Series E funding round, led by SoftBank’s Vision Fund 2, at a valuation of $2.1 billion.
Existing investors including General Catalyst, Capital One Ventures, Foundation Capital, IVP and Lightspeed Venture Partners also participated as a part of this fund raise.
According to the company, it will use the funds to expand its India operations, hiring data scientists and engineers in the region. The company plans to exit the current year with 500 employees. It will also use the funds to expand into Europe and will continue growing its partner ecosystem.
With this fund raise, the total investment raised by the company stands at $410 million, with $350 million coming in the last six months alone.
“Our valuation has doubled in the last six months and while we cannot discuss our revenue as a private company, it has scaled proportionately. As we work with large-scale organizations such as state governments and Fortune 500 companies, our average deal size is significantly higher than most software companies," said Ashutosh Garg, founder and chief executive officer (CEO) at Eightfold AI.
Eightfold provides an artificial intelligence platform which helps organizations to retain top performers, upskill and reskill the workforce, recruit top talent efficiently, and reach diversity goals.
“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," added Garg.
Currently, Eightfold has close to 25 partners who integrate with its digital ecosystem and help provide value added services including video conferencing, coding assessment etc. for its clientele.
The startup has more than 100 clients across 25 geographies internationally. Its clientele include Tata Communications, Bayer, Nutanix, hulu amongst others.
“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," said Deep Nishar, senior managing partner at SoftBank Investment Advisers.
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