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Phenom People, the global leader in Talent Experience Management (TXM), closed its Series C funding round worth $30 million. WestBridge Capital led the latest round
Fremont, CA: Phenom People, the global leader in Talent Experience Management (TXM) has closed its Series C funding round worth $30 million. The total investments after the financing round account to $61 million. Phenom People's Series C fundraising round was led by WestBridge Capital, along with the participation from Alliance Bernstein Private Credit Investors' growth Stage Capital Group. Existing investors of the company, including AXA Venture Partners, Sierra Ventures, Omidyar Technology Ventures, Sigma Prime Ventures, and Karlani Capital, also made contributions in the round. The investments collected from the Series C funding round will be utilized for providing support to the global demand for AI-driven talent experiences. The company plans to use the funds to scale up its growth.
"Global organizations are shifting their spend from legacy singular HR tools to data-driven, intelligent talent experience platforms," said Mahe Bayireddi, CEO and co-founder at Phenom People. "CHROs can make an investment in a modern approach-connecting every interaction across the talent lifecycle for candidates, recruiters, employees, and management."
"Phenom People's talent experience technology is unrivaled in today's marketplace," said Sumir Chadha, founder, and managing director at WestBridge Capital. "Their solution is transforming and progressing HR in ways that point solutions, and acquired technologies do not. This matches the market direction towards experience management for talent."
"We're prioritizing strategic investments that align with market trends," said Abhishek Sud, managing director at AB-GSC. "Experience management is the next era for global companies investing in talent-Phenom People is pioneering the standards and technology. They have an impressive portfolio of large global brands and a history of commitment to their customers' success."
Human Resources is a massive sector with a market worth of more than $400 billion, out of which $32 billion spent mostly on technology solutions. More than 45 million people are changing jobs annually in the U.S. alone, the complex process of searching for a job, sourcing, interviewing, and onboarding is an elaborate, expensive, and time-consuming process. Employers have the necessity for data and automation to personalize, optimize the process for every talent experience. Nevertheless, the teams continue to invest in singular tools, breaking the connection among people, processes, and systems.
See also: Top HR Technology Solution Companies