SaaS unicorn Eightfold AI has raised $220 million in a Series E funding spherical, led by SoftBank Vision Fund 2. With this spherical, the US-headquartered firm based by IITians Ashutosh Garg and Varun Kacholia, has greater than doubled its valuation since November final 12 months to $2.1 billion.
This spherical additionally noticed participation from earlier buyers together with General Catalyst, Capital One Ventures, Foundation Capital, IVP and Lightspeed Venture Partners. Total funding raised to this point by Eightfold AI is greater than $410 million, with $325 million coming within the final seven months.
The firm, headquartered within the US, can be utilising the platform to gasoline development, put money into the know-how and the product. “Most importantly, we will keep enhancing our functionalities, so that we can keep solving for employment. We are also extending our platform where our partners can build on top of our platform because we don’t believe we can build everything ourselves,” Garg advised Business Standard, a former Google techie who based Eightfold AI in 2016.
The firm has a novel Talent Intelligence Platform, which helps organisations to retain high performers, upskill and reskill the workforce, recruit high expertise effectively, and attain range targets. It has shoppers corresponding to Tata Communications in India.
“India is an extremely important market for us. If you think about the global workforce, pretty much every company has an office in India,” stated Garg.
Of the 250 workers at Eightfold AI, 100 sit out of India. “Over the years, I expect 50 per cent of our team or more to be in India. So you can anticipate that mapping to north of $100 million plus,” revealed Garg on the funding plans in India.
EIghtfold AI is part of the rising checklist of SaaS success tales corresponding to Zenoti, Freshworks and Druva being written by Indian-origin founders who’ve set base within the US.
“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,” stated Deep Nishar, Senior Managing Partner at SoftBank Investment Advisers.