Talent intelligence platform, retrain.ai, has announced it has closed an additional $7 million from current investors. The company has also added Splunk Ventures as a strategic investor in its oversubscribed funding round.
"We are thrilled to have Splunk Ventures join us on this exciting journey as we use the power of data to solve the widening skills gap in the global labour markets," said Dr Shay David, Co-Founder and CEO of retrain.ai.
"Splunk's dedication to using data to drive positive change aligns with our mission to upskill talent for the workforce of the future, making this the perfect collaboration," he added.
The investment firm joins other investors such as Square Peg, Hetz Ventures, TechAviv, .406 Ventures and Schusterman Family Investments.
This new capital expands the company’s total funding to $20 million.
Empowering people to take control of their career paths
Founded in 2020, retrain.ai uses AI and machine learning to help governments and organisations retrain and upskill for jobs of the future. This supports diversity initiatives and empowers both employees and job seekers to take control of their career paths.
The company’s goal is to help millions of workers get the right job for their skillsets. retrain.ai want to do this in a time where automation is displacing and simultaneously creating many jobs. The World Economic Forum estimates that 85 million jobs will be displaced and 97 million will be created.
In a time of great change, retrain.ai want to help organisations navigate as they adapt to facilitate new jobs and job automation.
Supporting organisations as they rethink workforce strategies
With its new funding, retrain.ai will expand in the US, hire key talent and invest in product development.
Customer adoption has compelled retrain.ai to accelerate its plans as changing skill requirements and major labour market disruptions are forcing organizations to rethink future workforce strategies.
As retrain.ai tackle this problem head-on with its software, it is keen to expand to facilitate and support organisation who are looking to rethink their workforce.
To support this shift in employment behaviour, the retrain.ai platform quantifies talent gaps and recommends internal mobility, transition plans and personalised training pathways to invest further in an organisation's existing workforce.