Eightfold AI, a startup that uses deep learning and artificial intelligence to help companies find, recruit and retain workers, said Thursday it has raised $ 220 million in a new round as it seeks to accelerate his growth.
SoftBank Vision Fund 2 led the five-year startup’s Series E, which is now valued at $ 2.1 billion, up from $ 1 billion in Series E last October, the founder and chief executive of the company told TechCrunch. ‘Eightfold AI, Ashutosh Garg.
Existing investors General Catalyst, Capital One Ventures, Foundation Capital, IVP and Lightspeed Venture Partners also participated in the new round, which brings the startup’s unprecedented fundraising to more than $ 410 million.
The Mountain View-based startup provides its clients with a talent acquisition platform that helps them identify suitable candidates and import and filter thousands of resumes. One of the missions of Eightfold AI is to help companies reduce bias in their recruiting, in order to hide candidates’ personal information during assessment.
“Instead of looking for a job, a candidate can upload their resume and the system will indicate in real time which job is most relevant to that candidate,” Garg explained. “What it does is it reduces the drop rate. And our customers are seeing more applications and implementing more diverse applications.
The startup, which has amassed clients in more than 100 countries and offers its platform in more than a dozen languages, also enables employers to deploy the Eightfold platform internally and help employees discover promotions and news. job opportunities within their organizations. “It has helped companies almost double their internal mobility,” said Garg, who previously worked at IBM Research, where he filed patents on understanding people’s behaviors, and Google, where he worked on efforts to personalization of company users.
Recruitment remains a big global problem and an untapped opportunity. Garg said solving this problem requires expertise to sift through a plethora of data points and the right talent. Eightfold itself analyzes the data it obtains from a variety of locations, including employer sales, customer management, and human resources, as well as public sources such as patent sites and publications.
“The transformation of global human resources and talent is unleashing more billions of dollars in human potential. SoftBank shares our bold vision and we are delighted to welcome them as a partner, ”he said.
In the state of Indiana, Eightfold maintains a partnership for people applying for UI to build their CVs and instantly find employment opportunities. The startup also has a program for veterans in the United States to find opportunities that match their skills, Garg said.
“Powered by AI and machine learning, Eightfold’s platform provides global businesses with a single solution to manage the entire talent lifecycle, including hiring, retention and growth. ‘a diverse global workforce,’ said Deep Nishar, senior managing partner at SoftBank Investment Advisers and who previously worked for nearly six years at LinkedIn. “We are excited to partner with Ashutosh and the Eightfold team to support their ambition to transform the way companies manage talent and the way people build their careers.
This is a developing story. More soon…