Loading...

Eightfold AI secures $220 mn in Series E, plans to expand India ops

Eightfold AI secures $220 mn in Series E, plans to expand India ops
Photo Credit: 123RF.com
11 Jun, 2021

Moutain View, California based Eightfold AI, which uses artificial intelligence to help businesses find and retain employees, has secured $220 million (Rs 1,605 crore) even as it eyes growth in India.  

Eightfold AI, which operates in the country via a subsidiary in Noida, counts AirAsia, Bayer and Micron among its clients,  

The latest funding round, called Series E, was led by SoftBank’s Vision Fund 2 and takes the company’s valuation to $2.1 billion.  

Other investors in the round include General Catalyst, Capital One Ventures, Foundation Capital, IVP and Lightspeed Venture Partners.   

Eightfold AI has so far secured $410 million, with more than 85% of the capital being raised in the past few months. The funds will be used to develop EightFold’s platform and expand its partner ecosystem, per a statement. In India, the company plans to build a team of data scientists and engineers. 

“At eightfold, we use AI to align the career goals of individuals while simultaneously creating better results for employers," Ashutosh Garg, Founder and CEO at Eightfold, said. 

Eightfold AI became a unicorn in November 2020 after raising $125 million in a series D round led by General Catalyst.  

Founded in 2016 by Garg and Varun Kacholia, Eightfold AI claimed that its platform understands skills and roles of potential candidates through its talent intelligence algorithms. 

“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.