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Eightfold AI raises $220 mn in funding from SoftBank, General Catalyst, others

·1-min read

New Delhi, Jun 10 (PTI) Eightfold AI on Thursday said it has raised USD 220 million (about Rs 1,607.4 crore) in funding led by SoftBank's Vision Fund 2.

The series E round also saw participation of investors from previous rounds, including General Catalyst, Capital One Ventures, Foundation Capital, IVP and Lightspeed Venture Partners, a statement said.

The total funding raised to date by Eightfold AI is more than USD 410 million, with USD 350 million coming in the last six months, it added.

'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.

“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,' the statement said.

Eightfold AI offers a talent intelligence platform that helps organisations to retain top performers, upskill and reskill the workforce, recruit top talent efficiently, and reach diversity goals.

'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,' Ashutosh Garg, founder and CEO at Eightfold, said.

Transforming HR and global talent further unlock trillions of dollars worth of human potential, he added.

'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,' Deep Nishar, Senior Managing Partner at SoftBank Investment Advisers, said. PTI SR BAL BAL

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