Eightfold AI valued at US$2bn after raising $220mn
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. The funds will be used to continue the growth and development of Eightfold's AI-powered Talent Intelligence Platform and expand its growing partner ecosystem.
This Series E funding round led by SoftBank Vision Fund 2 also includes investors from previous rounds, including General Catalyst, Capital One Ventures, Foundation Capital, IVP and Lightspeed Venture Partners. With this, the company has raised more than $410m in total and $350m in just the past six 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."
How does the platform work?
Recruiting remains a big global problem. Eightfold itself analyses data it sources from a range of places, including employers’ sales, customer management, and human resources as well as public sources such as patent sites and publications.
"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."
The company has customers across 110 countries, 19 industries, and 16 languages. In the state of Indiana, Eightfold maintains a partnership for people applying for unemployment insurance to build up their resumes and find job opportunities instantly. The startup also has a programme for veterans in the U.S. to help them find opportunities relevant to their skills.