Earlier this year, Eightfold AI—the inventor of the Talent Intelligence Platform—won the Veteran Employment Challenge, run by the U.S. Department of Labor. The Mountain View, California-based software solution provider was the grand prize recipient of the competition, thanks to its application built to better match transitioning military service members’ skills with employers’ needs. Eightfold beat out LinkedIn and Square Peg Hires in the semi-final stage and was awarded a total of $720,000.
“Veterans actually do represent 6%, maybe even more, of the total workforce in the U.S.,” President of Eightfold Kamal Ahluwalia said. “There are about 20 million veterans that are actually active in the country. So when we got the opportunity to actually help them with the transition program, we absolutely jumped into it and said, ‘OK, what do we need to do? How do we need to adapt our algorithms to help the veterans?’"
Led by Founder and Chief Executive Officer Ashutosh Garg, Eightfold is powered by its Talent Intelligence Platform, a single platform that covers the entire talent lifecycle. It contains billions of anonymized data points, algorithms, and domain expertise required for enterprise-scale organizations. The Talent Intelligence Platform uses deep learning AI on HCM data to change how companies acquire, develop, and advance talent, and achieve D&I goals. The purpose is to use one solution for all talent management needs—identification, development, and growth of high potential employees.
It works with customers across 110 countries, 17 industries, and 13 languages, with a client list that boasts the likes of AirAsia, Bayer, Capital One and Micron. Meanwhile, Eightfold customers have achieved significant results, including a 49% increase in the number of employees finding their next role within their current company, a 58% increase in employees offered other jobs within the same company after their role had been eliminated, and 60% more highly qualified candidates applying to open jobs.
Now just a few months after the company celebrated its win in the Veteran Employment Challenge, Eightfold has another reason to celebrate. The company has announced that it has raised $125 million in a Series D funding round, bringing its valuation to $1 billion. This gives the company unicorn status.
The round was led by General Catalyst with participation from Capital One Ventures, Foundation Capital, IVP, and Lightspeed Venture Partners. Eightfold intends to use the funds to expand and scale its platform.