AI Startup Eightfold AI Valued At $2.1 Bn In SoftBank-led $220 Mn Funding
Free Book Preview Money-Smart Solopreneur
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Eightfold AI on Thursday announced that it has raised a $220 million Series E funding round, led by SoftBank’s Vision Fund 2.
The funds will be used to continue the rapid growth and development of Eightfold's AI-powered talent intelligence platform and expand its growing partner ecosystem.
“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,” said Ashutosh Garg, founder, and chief executive officer, Eightfold. “Transforming HR and global talent further unlock trillions of dollars worth of human potential. SoftBank shares our bold vision and we are excited to welcome them as our partner.”
Additionally, Eightfold AI will use the funds to continue expanding its India operations, investing in the most talented data scientists and engineers in the region. Work is changing and the workforce is evolving, forcing organizations to become future-ready today. The need for personalized reskilling and upskilling programs has become one of the most critical issues facing the global workforce today, and Eightfold AI is uniquely capable of solving this issue at a global scale.
This Series E funding round is led by SoftBank (Vision Fund 2) and also includes investors from previous rounds, including General Catalyst, Capital One Ventures, Foundation Capital, IVP, and Lightspeed Venture Partners. Total funding raised to date by Eightfold AI is more than $410 million, with $350 million coming in the last 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,” added Deep Nishar, senior managing partner, SoftBank Investment Advisers. “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.”
Eightfold AI’s growing valuation is a direct result of the significant momentum achieved by customers and partners in the public and private sectors. The innovation delivered through a single talent intelligence platform is the foundation for leading global organizations as they prepare for the acceleration of changes in jobs, demand of evolving skills demand, and other post-pandemic shifts in the workforce, the company shared.