Mumbai: Talent management platform Eightfold AI said it has raised $220 million in a Series E funding round led by SoftBank’s Vision Fund II, boosting its valuation to around $2 billion.
The funds will be used to continue the growth and development of its AI-powered talent intelligence platform and expand its growing partner ecosystem. “Additionally, Eightfold AI will use the funds to continue expanding its India operations, investing in the most talented data scientists and engineers in the region,” it said.
Existing investors such as General Catalyst, Capital One Ventures, Foundation Capital, IVP and Lightspeed Venture Partners also participated in the round. With this the company has raised more than $410 million in total, and $350 million in just the past six months.
“Work is changing, and the workforce is evolving, forcing organisations to become future ready today. The need for personalised reskilling and upskilling programmes has become one of the most critical issues facing the global workforce today, and Eightfold AI is looking to solve this issue at a global scale,” the company said.
“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, its founder and chief executive officer.
“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, growing a diverse global workforce,” said Deep Nishar, senior managing partner, SoftBank Investment Advisers.