Eightfold AI Raises $220 Million For Development, Expansion

Eightfold AI raised a $220 million in Series E funding, and will use the investment to continue developing its Talent Intelligence Platform and expand its partner ecosystem.

The funding round was led by SoftBank Vision Fund 2 and includes investors from previous rounds including General Catalyst, Capital One Ventures, Foundation Capital, IVP and Lightspeed Venture Partners. To date, Eightfold AI has raised more than $410 million, more than $350 million of it coming during the last several months.

Eightfold said it’s in a unique position to take advantage of changes to work and the workforce. The need for customized reskilling and upskilling programs has become a critical issue, it said.

Since Eightfold announced its Series D funding round in October 2020, the company’s valuation has more than doubled, it said. TechCrunch reported the valuation now stands at $2.1 billion.

Deals and Launches

Using deep learning AI, Eightfold’s Talent Intelligence Platform helps organizations recruit, upskill and reskill their workforce. Employers also can use the platform to help current employees identify new opportunities within their company. Founder and CEO Ashutosh Garg told TechCrunch that Eightfold has helped businesses almost double their internal mobility.”

Eightfold recently announced an integration partnership with Greenhouse, as well as the availability of its suite to all Greenhouse customers. In February, the company added a Career Hub module, designed to provide development information and advice to both HR and employees.

Its underlying data helps the system consider the availability, maturity, relevance, learnability and evolution of skills in the global market, which in turn helps companies to be specific with their upskilling and reskilling programs, the company said.

In January Eightfold and contingent workforce management platform PRO Unlimited announced an agreement under which PRO will embed Eightfold’s technology. The companies said the combination of Eightfold’s talent intelligence capabilities with PRO’s data and technical tools will help Global 2000 companies better identify, engage and secure contingent workers anywhere in the world.

Authors

Mark Feffer

Mark Feffer is executive editor of RecruitingDaily and the HCM Technology Report. He’s written for TechTarget, HR Magazine, SHRM, Dice Insights, TLNT.com and TalentCulture, as well as Dow Jones, Bloomberg and Staffing Industry Analysts. He likes schnauzers, sailing and Kentucky-distilled beverages.