Deep Learning & AI Startup Eightfold AI raises $220 million from SoftBank's Vision Fund 2
Existing investors such as General Catalyst, Capital One Ventures, Foundation Capital, IVP, and Lightspeed Venture Partners also participated in this round of funding. The round brings the startup’s all-time raise to over $410 million. with a total of $325 million coming in the last six months The enterprise startup's valuation has risen to $2.1 billion.
According to a press release, the funds will be used to continue the growth and development of its AI-powered talent intelligence platform, as well as to expand its growing partner ecosystem.
It also intends to expand its operations in India by hiring data scientists and engineers from the region.
The Mountain View-based startup offers its clients a talent acquisition platform that assists them in identifying suitable candidates as well as importing and filtering thousands of resumes. One of Eightfold AI's missions is to assist companies in reducing hiring biases by masking candidates' personal information during evaluation.
Speaking about the development, Ashutosh Garg, Founder and CEO, Eightfold, said, “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."
"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,” he added.
Eightfold has customers in 25 countries across Asia, Europe, the United States, South America, and Africa, with customers using the platform in over 15 languages.
In the state of Indiana, Eightfold partners with people applying for unemployment insurance to help them build their resumes and find job opportunities quickly. T he startup also has a programme for veterans in the United States to help them find opportunities that match their skills.
Deep Nishar, Senior Managing Partner, SoftBank Investment Advisers, said, “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. 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."