Five-year-old Eightfold AI, which helps giant enterprises akin to Air Asia, Tata Communications, Dolby, Nutanix, others, rent and retain expertise, has raised a brand new spherical of capital eight months after it raised $125 million in Series D funding. The startup has now secured $220 million in Series E funding spherical led by SoftBank Vision Fund 2. Investors from earlier rounds together with General Catalyst, Capital One Ventures, Foundation Capital, IVP, and Lightspeed Venture Partners additionally participated within the new spherical. With the newest fund infusion, the startup’s valuation has greater than doubled to $2.1 billion from $1 billion in Series D spherical, Ashutosh Garg, Co-founder and CEO, Eightfold.ai advised Financial Express Online.
The firm will deploy the capital in direction of growth of its synthetic intelligence-based Talent Intelligence Platform and develop its accomplice ecosystem other than rising its India operations. The final and present funding rounds have been raised amid the rising and altering work surroundings as a result of pandemic. As a consequence, companies have been specializing in reskilling and upskilling programmes for his or her staff which can be among the many key challenges for the worldwide workforce at the moment.
“The pandemic has fueled the importance of managing talent in numerous ways. The most visible is that of remote work environments, which opens up talent to organizations that they might not have previously considered. It also places a premium on understanding what your employees are looking for out of their careers. They have many more options now because they can apply anywhere, so what are you (companies) doing to facilitate their growth to the next level?” added Garg.
The firm has raised over $410 million in funding to date, together with the present spherical, with $350 million coming within the final six months. “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.
According to Gartner, spending on SaaS purposes by companies in India will develop by 20.eight per cent to $1.41 billion and 20.2 per cent to $1.69 billion in 2022. The end-user spending on public cloud providers in India can be price $4.Four billion in 2021, up 31.Four per cent from 2020. Eightfold’s funding is the second deal involving Indian startups or Indian founders by SoftBank Vision Fund 2 introduced within the final two days. On Tuesday, one other software-as-a-service startup Whatfix, which helps companies enhance consumer adoption of purposes they use, had introduced a $90 million spherical led by the second Vision Fund. Eightfold is the fourth startup with operations in India and/or different international locations elevating funding from the second fund after Lenskart and Meesho other than Whatfix.