SoftBank led the round, with support from existing investors.
Eighfold has raised $200m in a Series E round led by SoftBank's Vision Fund 2.
The California-based company plans to use the money to grow its talent intelligence platform, as well as its customer base.
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SoftbBank’s Vision Fund 2 has had a busy week investing in the HR tech world. Hot on the heels of leading Whatfix’s $90m Series D, the fund has now led AI talent intelligence platform Eightfold’s $200 million Series E.
Other existing investors – including General Catalyst, Capital One Ventures, Foundation Capital, IVP, and Lightspeed Venture Partners – also participated in the round.
This Series E funding brings California-based Eightfold’s total funding to more than $410 million, of which $350 million has been raised over the past nine months.
Between October, when Eightfold closed a Series D, and now, Eightfold’s valuation has doubled. The company currently serves customers including Bayer, Booking.com, and Hulu.
Eightfold will use this latest influx of funding to further develop its AI-powered talent intelligence platform and grow its customer base. It also wants to hire more data scientists and engineers, according to reporting by TechCrunch.
Currently, Eightfold’s platform uses AI and data to help companies recruit and retain top-quality talent, upskill, and reskill their workforce, as well as achieve their diversity goals. It believes it can become a one-stop-shop for employers grappling with post-pandemic workplace shifts, and disruption.
The company’s founder and CEO Ashutosh Garg commented: “Current HR systems were designed to address issues from a previous era, and they have failed to keep pace with the changing nature of work and the workforce.
“At Eightfold, we have an unprecedented opportunity, using AI to align the career goals of individuals while simultaneously creating better results for employers.
“Transforming HR and global talent further unlocks trillions of dollars worth of human potential.”
SoftBank senior managing partner Deep Nishar said: “Powered by AI and machine learning, Eightfold’s platform provides global enterprises with a single solution for managing the entire talent lifecycle, including hiring, retaining, and growing a diverse global workforce.
“We are pleased to partner with Ashutosh and the Eightfold team to support their ambition of transforming how enterprises manage talent and how people build their careers.”
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