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Talent intelligence platform provider Eightfold AI, which helps enterprises recruit the right talent, has raised $200M in Series E round led by SoftBank Vision Fund 2. With this round, its total funding goes over $400M, and valuation shoots up over two times since it achieved a $1B valuation and unicorn tag during its Series D funding last October.
Talent intelligence platform Eightfold AI has announced its raise of $200 million Series E funding from SoftBank Vision Fund 2. The new proceeds will be used to grow and develop its AI-powered platform and expand its growing partner ecosystem, the company’s statement said.
Ashutosh Garg, co-founder and CEO of Eightfold AI, stated that while existing HR systems have failed in catching up with the rapidly evolving nature of the workforce, Eightfold, using AI aligns individuals’ career goals and creates better results for employees.
“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,”Ashutosh Garg, co-founder and CEO of Eightfold AI
Founded in 2016, Eightfold provides an AI-powered talent intelligence platform that helps companies find, recruit and retain workers. While current HR systems have not caught up to the growth of innovation in forward-leaning businesses, there arises a need to build a deep understanding of every employee’s talent, skills, and role. Eightfold’s platform demonstrates the same and aspires to bridge talent gaps using AI, enabling clients to match candidates to their deserving and suitable roles.
Other investors -General Catalyst, Capital One Ventures, Foundation Capital, IVP, and Lightspeed Venture Partners – had participated in the funding round. With this Series E round, the company stated that its total funding raised had crossed over $410 million, over 85 percent of which has come from the last several months.
Eightfold’s valuation has more than doubled since it raised its Series D funding last October, which bestowed it with the unicorn tag. In an interview with TechCrunch, Mr. Garg revealed that Eightfold’s valuation shot up from $1 billion to $2.1 billion.
Deep Nishar, senior managing partner at SoftBank Investment Advisers, stated that Eightfold’s AI-powered platform provided a single solution to global enterprises to manage the talent lifecycle. Expressing delight at the investment, he said,
Deep Nishar, senior managing partner at 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,”