Founded in March 2020, Knoetic, an NY based people analytics startup this week announced the successful completion of a US$18M Series A funding round. This round of funding was led by Accel which saw participation from over 100 angel investors including New York Times bestselling author Adam Grant, and executives from Box, Figma, Johnson & Johnson, LinkedIn, Scale, Pinterest, Calm, and Front.
Joseph Quan, Founder and CEO said that the funding will be diverted towards product development and expansion of Knoetic’s workforce across go-to-market and engineering teams. Knoetic is in the midst of deploying machine learning models to ascertain the drivers of attrition and turnover, successful or fast-promoted employees, and employees centrifugal to the success of organisations.
According to Quan, Knoetic’s annual revenue growth rate was roughly 500% over a 12-month period. The company is expected to grow three to five times on a year to year basis. Knoetic's customer and community base currently includes names of major technology companies like Lyft, Squarespace, Amplitude, Snyk, Dollar Shave Club, and Zapier.
Quan founded Knoetic, previously known as Twine Labs, to tackle the challenges faced by CPOs related to general management training which are much broader in comparison to traditional HR roles. To this end, Knoetic's platform combines access to social network data with a SaaS analytics tool. It has embedded CPOHQ, its social network of 1,000+ Chief People Officers, into its people analytics software for better quantitative and qualitative cognitive insights about the users' workforce. The CPOHQ network is intended for CPOs to discuss the strenuous day-to-day challenges they face, including issues like COVID delta variant, shift to remote work, and scaling through hypergrowth.