Total amount raised
$396.8 Millions
Latest funding date
6/1/2021
Location
Eightfold AI has successfully raised significant capital through multiple funding rounds, including a Series E round. The company's AI platform is designed to revolutionize talent management by helping organizations find, recruit, and retain top talent.
Continue reading to delve into the details of Eightfold AI's funding journey and discover the key investors supporting this innovative platform.
What Is Eightfold AI?
Founded in 2016 by Ashutosh Garg and Varun Kacholia, Eightfold AI is headquartered in Mountain View, California. The company specializes in developing a comprehensive AI platform for talent management, helping organizations efficiently recruit, retain, and upskill their workforce.
Eightfold AI's platform leverages deep-learning AI to provide actionable insights and automate various aspects of talent acquisition and management. This innovative approach aims to bridge the talent gap and turn talent management into a competitive advantage.
With a team of 251-500 employees, Eightfold AI continues to expand its global reach, offering its services in over 155 countries and 24 languages.
How Much Funding Has Eightfold AI Raised?
- Series A
- Amount Raised: $5.8M
- Date: September 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company and develop the initial version of the AI platform.
- Series B
- Amount Raised: $18M
- Date: April 2018
- Lead Investors: Foundation Capital, Lightspeed Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and expand the team.
- Series C
- Amount Raised: $28M
- Date: April 2019
- Lead Investors: IVP
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the platform's capabilities and increase market reach.
- Series D
- Amount Raised: $125M
- Date: October 2020
- Lead Investors: General Catalyst
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and further develop AI functionalities.
- Series E
- Amount Raised: $220M
- Date: June 2021
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: $2.1 billion
- Motivation Behind the Round: To continue rapid growth, expand the partner ecosystem, and invest in technology.
Total Amount Raised: $396.8M. Current Valuation: $2.1 billion.
Key Investors
- SoftBank Vision Fund 2
- Details: SoftBank Vision Fund 2 is a venture capital fund managed by SoftBank Investment Advisers, focusing on large-scale investments in technology companies. The fund is known for its significant financial backing and strategic guidance to its portfolio companies.
- Investment Focus Areas: Technology, AI, robotics, telecommunications.
- Notable Investments: Uber, WeWork, ByteDance, DoorDash.
- General Catalyst
- Details: General Catalyst is a venture capital firm that invests in early-stage and growth-stage companies across various sectors. The firm aims to support transformative companies that have the potential to make a significant impact.
- Investment Focus Areas: Technology, healthcare, consumer, enterprise.
- Notable Investments: Airbnb, Stripe, Snap, HubSpot.
- Capital One Ventures
- Details: Capital One Ventures is the venture capital arm of Capital One, investing in innovative technology companies. The firm focuses on strategic investments that can enhance Capital One's business operations.
- Investment Focus Areas: Fintech, data, technology-driven companies.
- Notable Investments: Snowflake, Plaid, Finix.
- Foundation Capital
- Details: Foundation Capital is a venture capital firm that invests in early-stage technology companies. The firm has a history of backing successful startups and providing them with the resources needed to scale.
- Investment Focus Areas: Early-stage technology, fintech, consumer sectors.
- Notable Investments: Netflix, LendingClub, Sunrun.
- IVP (Institutional Venture Partners)
- Details: IVP is a later-stage venture capital firm that invests in rapidly growing technology companies. The firm focuses on companies that have demonstrated significant growth potential and are poised for further expansion.
- Investment Focus Areas: Later-stage technology, media, enterprise software.
- Notable Investments: Twitter, Slack, Dropbox, Snap.
What's Next for Eightfold AI?
Eightfold AI stands at the cusp of a significant opportunity to revolutionize talent management. With its AI-powered platform, the company aims to help organizations retain top performers, upskill and reskill their workforce, and achieve diversity goals. The recent $220 million Series E funding round, led by SoftBank Vision Fund 2, underscores the vast potential for growth. This capital will fuel the expansion of their partner ecosystem and operations, particularly in India, where they plan to hire talented data scientists and engineers.
As the demand for AI-driven talent management solutions grows, Eightfold AI is well-positioned to attract further investment. The company's rapid valuation increase to $2.1 billion suggests that future fundraising rounds are likely. However, challenges such as competition from other AI platforms, keeping up with technological advancements, and ensuring the scalability of their platform remain. Navigating these hurdles will be crucial as Eightfold AI continues its journey to transform the HR landscape.
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