Startup Eightfold AI, a talent matching platform, said on Thursday it raised $220 million in a funding round led by SoftBank Group Corp. Vision Fund 2 doubled the company’s valuation since the previous funding round to over $2 billion.Startup Eightfold AI helps companies analyze talent by scraping data from company sources such as sales and customer management or human resources platforms along with public data from patents, publications or design portfolios.
Ashutosh Garg, founder and CEO at Eightfold AI said that they will integrate with all those systems and bring the employee data all in one place and use that to build what we call a 360-degree profile of every employee. The profile will help employees find other suitable jobs within the company or help managers identify them for promotions or new jobs.
The tool can also be used when enrolling new employees and indicating new courses that employees can take to advance their careers. He said over 100 companies and some U.S. states are customers, and that Eightfold AI is used in over 110 countries and available in 15 languages.In March, the Indiana Department of Workforce Development announced it was offering Eightfold AI to help unemployed workers find jobs, and Garg said some other states will announce that people collecting unemployment benefits must use Eightfold AI.
Deep Nishar, the senior managing partner at SoftBank Investment Advisers, said Startup Eightfold AI took a holistic approach than other companies offering solutions to recruitment and career management. He expected it could grow to be bigger than all of them combined. Many of SoftBank’s investments have been in areas utilizing technology, especially artificial intelligence, in different industries.