The talent intelligence platform has raised a total of $180 million so far and is on a rapid growth trajectory to further advance the talent management space.
Eightfold AIOpens a new window raised $125 million in Series D funding, valued at a whopping $1 billion. The platform will use the funds to expand and scale its leading AI-powered Talent Intelligence Platform, a single solution that manages the entire talent lifecycle.
General Catalyst led the funding, in addition to investors from previous rounds, including Capital One Ventures, Foundation Capital, IVP, and Lightspeed Venture Partners. So far, Eightfold AI has raised more than $180 million in funding.
The Talent Intelligence Platform by Eightfold AI has been instrumental in changing the landscape of people-related processes and how they are being carried out.
Today, more than ever before, companies want to find ways to accelerate their growth by improving the efficiencies in their processes and their people’s productivity. The pandemic has set them back by several years, and technology seems to be the only rescue that will help them catch up and scale up. One of the much-needed areas is talent management, which has mainly been human-driven and with limited tech involvement.
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The Journey of Eightfold AI’s Talent Intelligence Platform
The Talent Intelligence Platform is a single platform covering the entire talent lifecycle. It contains billions of anonymized data points, algorithms, and domain expertise required for enterprise-scale organizations. The Talent Intelligence Platform uses deep learning AI on HCM data to change how companies acquire, develop, and advance talent, and achieve D&I goals. The purpose is to use one solution for all talent management needs – identification, development, and growth of high potential employees.
Eightfold AI launched the Talent Intelligence Platform in April 2018Opens a new window to close gaps in the talent space. At the time, it was designed to focus on three key areas: talent, personalization, and artificial intelligence.
Through its talent technology, it aimed to build a comprehensive talent network unique to an organization by combining all data from applicants to alumni. Personalization would prove useful to assess people’s capabilities and future potential for streamlined recruitment. Finally, the AI was part of it to ensure a continual learning cycle, from all the data, engagement, and decisions in the enterprises to predict future roles and career paths.
In 2019, the Economic Times recognized Tata Communication’sOpens a new window success in leveraging Eightfold’s Talent Intelligence Platform and how it transformed the overall experience for hiring managers and candidates.
It continued to grow in presence when Eightfold announced that the Talent Intelligence Platform will be an SAP endorsed appOpens a new window from June 2020 and will be available on SAP App Center.
In October 2020, Talent Intelligence Platform’s AI capabilities have been responsible for making recruiters more efficient and improving the overall Booking.comOpens a new window candidate experience globally.
One significant milestone was in June 2020 when TIP launched Project Marketplace, which enabled the platform to have an extensive suite of self-service as well as personalized career management capabilities. The goal was to empower employees to assess their skills, discover relevant jobs, find mentors, explore career paths, and complete training programs that address specific skill gaps needed to advance their career goals, all from a single AI-powered platform.
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Eightfold AI’s growth trajectory has been impressive, to say the least, having proven its capabilities through implementation by large organizations. As Quentin Clark, Managing Director at General Catalyst, says, “Eightfold has built a true intelligence-driven platform for talent acquisition and optimization for the enterprise. What’s been most impressive is their approach to partnering with companies to fundamentally understand their needs and then applying tech against those needs to create a scalable, efficient approach to talent management. Theirs is an industry-agnostic approach that has the potential to rapidly evolve how companies meet and retain their best people.â€