California based Eightfold.ai, creator of a Talent Intelligence Platform, announced it has added IVP to its growing list of investors in raising $28 Mn in a Series C financing. The round, joined by Foundation Capital and Lightspeed Ventures who led previous funding rounds, brings Eightfold.ai's total funding to $55 Mn.
Ashutosh Garg, chief executive officer of Eightfold.ai stated, “It's our mission to help enterprises turn talent management into a competitive advantage while identifying 'what's next' for individuals. Our AI platform is allowing us to innovate and collaborate with our customers and partners at an unprecedented speed and scale. Our growing team is delighted and privileged to solve employment for everyone."
Built by co-founders Ashutosh Garg and Varun Kacholia, Eightfold.ai's Talent Intelligence Platform empowers enterprises to solve the number one challenge facing chief executives and chief human resource officers today - hiring and retaining top talent. The patented artificial intelligence–based platform has secured numerous new customers since emerging from stealth mode one year ago. These include from Fortune 500 companies to fast-growing technology companies, current customers include Conagra, AdRoll Group, Tata Communications, and DigitalOcean.
Jules Maltz, investor at IVP stated, “Eightfold.ai is using AI to help established enterprises and fast-growing companies around the world transform their hiring and talent management. The company is improving all facets of talent management, from recruiting to retention to achieving diversity goals. We're thrilled to be working with Ashutosh, Varun and the incredible team at Eightfold.ai to solve employment at scale."
The growing interest in Eightfold.ai's Talent Intelligence Platform stems from the fact that more and more job seekers are expected to look for automated advice on how to improve their ranking in job-matching algorithms. The company claims that enterprises partnered with Eightfold.ai observe 80% recruiter time savings, a 200% increase in qualified candidates and a 19% increase in hiring of women.