Eightfold AI, an HR technology company, has announced raising $125M funding in series D to hire exceptional talent in India.
According to the official release, the funds will also be used to expand and scale its AI-powered Talent Intelligence Platform, which manages the entire talent lifecycle. Further, it also addresses the disjointed point solutions commonly found in the talent management space.
With this funding, the company will now be valued at $1 billion along with a customer base across 110 countries, 17 industries and 13 languages. Subsequently, the company is positioned to invest heavily in growing its India presence by adopting a remote-first model for its employees.
General Catalyst led this round of funding along with investors like Capital One Ventures, Foundation Capital, IVP and Lightspeed Venture Partners. Till date, the company has raised more than $180 million and has more than quadrupled its sales since April 2019. Currently, the company is serving customers like Tata Communications, AirAsia, Bayer, Capital One and Micron.
When asked about the funding, Ashutosh Garg, Founder & CEO at Eightfold, stated to the media, that the company aims to leverage AI to provide the right career for everyone in the world. As a matter of fact, the team has spent the last four years developing a single platform addressing all talent lifecycle needs, bypassing single-point solutions entirely.
Adding to this, Vinodh Ravindranath, Head of Artificial Intelligence at Eightfold AI stated to the media, that India has a long history of development and engineering accomplishments, and the company wishes to harness that talent to its fullest effect. “This investment ensures that the most talented, intelligent and ambitious engineers and data scientists in India will have a place to continue their growth here at Eightfold.”
According to the official release, the platform by Eightfold AI manages the entire talent lifecycle by bringing in billions of anonymised data points together and working with algorithms and domain expertise to make a reliable, scalable impact for enterprise-scale organisations. It uses deep learning AI on existing public and legacy HCM data to transform how companies hire talent.
With the platform, the customers have managed to get a 49% increase in the number of employees finding their next role within their current company, a 58% increase in employees offered other jobs within the same company after their role had been eliminated, and 60% more highly qualified candidates are applying to open jobs.
