hrtechoutlook

Eightfold AI Secures $220 Million Investment to Continue Development of its AI-Powered Platform

HR Tech Outlook | Monday, June 21, 2021

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.

FREMONT, CA: Eightfold AI announced that it has raised a $220 million Series E funding round. The funds will be used to continue the rapid growth and development of Eightfold's AI-powered Talent Intelligence Platform and expand its growing partner ecosystem. Work is changing, and the workforce is evolving, forcing organizations to become future-ready today. The need for personalized reskilling and upskilling programs has become one of the most critical issues facing the global workforce today, and Eightfold AI is uniquely capable of solving this issue at a global scale.

Current HR systems have failed to keep up with the pace of innovation needed to support forward-leaning businesses. The only way to solve this at scale is by building a deep understanding of all talent: the roles and skills of every employee, candidate, contractor, and citizen, as demonstrated by Eightfold AI's unique Talent Intelligence Platform.

This Series E funding round is led by SoftBank Vision Fund 2 and includes investors from previous rounds, including General Catalyst, Capital One Ventures, Foundation Capital, IVP, and Lightspeed Venture Partners. Total funding raised to date by Eightfold AI is more than $410 million, with more than $350 million coming in the last several months.

"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," said Ashutosh Garg, Founder & CEO at Eightfold. "Transforming HR and global talent further unlocks trillions of dollars worth of human potential. SoftBank shares our bold vision, and we are excited to welcome them as our partner."

Since the announcement of Eightfold AI's Series D funding round in October of 2020, the valuation of the organization has more than doubled. This results from the significant momentum achieved by customers and partners in the public and private sectors. The innovation delivered through a single Talent Intelligence Platform is the foundation for leading global organizations as they prepare for accelerating changes in jobs, the demand of evolving skills demand, and other post-pandemic shifts in the workforce.

"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," said Deep Nishar, Senior Managing Partner at SoftBank Investment Advisers. "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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