Eightfold AI, a startup that uses deep learning and artificial intelligence to help companies find, recruit and retain workers, said Thursday it has raised $220 million in a new round as it Looks to accelerate its development.
SoftBank Vision Fund 2 led the Series E round of the five-year-old startup, now valued at $2.1 billion, up from the $1 billion it raised in Series E last October, said Ashutosh Garg, founder and CEO of Eightfold AI. told ClearTips in an interview.
Existing investors General Catalyst, Capital One Ventures, Foundation Capital, IVP and Lightspeed Venture Partners also participated in the new round, which brings the startup’s all-time growth to more than $410 million.
The Mountain View-based startup provides its clients with a talent acquisition platform that helps them identify suitable candidates and import and filter thousands of resumes. One of Eightfold AI’s mission is to help companies reduce bias in their hiring, so it masks candidates’ personal information during evaluations.
“Instead of searching for a job, a candidate can upload their resume and the system will tell what is the most relevant job for that candidate in real time,” explained Garg. “What this does is it reduces the drop-off rate. And our customers see more applications — and more diverse application fields do.”
The startup, which has clients in 25 countries, enables employers to deploy the Eightfold platform internally and helps employees find job opportunities within their organization. “This has helped businesses almost double their internal mobility,” said Garg, who previously worked at Google.
Deep Nisar, Senior Managing Partner, SoftBank Investment Advisors, said, “Powered by AI and machine learning, Atfold’s platform provides global enterprises with a single solution for managing the entire talent lifecycle, including hiring, retaining and retaining a diverse global workforce. And that includes expanding.” Prior to this, worked at LinkedIn for about six years. “We are delighted to partner with Ashutosh and the Atfold team to support their ambition to transform how enterprises manage talent and how people build their careers.”
This is a developing story. More to follow…