Eightfold AI Inc. said Monday it has raised $125 million (about Rs 925 crore) in a Series D funding round that propelled into the unicorn club of startups with a valuation of $1 billion.
American venture capital firm General Catalyst led the funding round, Eightfold AI said in a statement. Existing investors Capital One Ventures, Foundation Capital, IVP and Lightspeed Venture Partners also joined the new round.
The Series D round takes the total funding raised by Eightfold AI thus far to more than $180 million.
The Mountain View, California-headquartered company operates in India through Noida-based Eightfold AI India Pvt. Ltd. It works with customers across 17 industries in 110 countries. Its clients include AirAsia, Bayer and Micron.
Eightfold said it has more than quadrupled its sales since the last round of equity funding in April 2019.
The company also said it will use the fresh capital to expand its artificial intelligence-powered Talent Intelligence Platform, which helps clients manage the entire talent lifecycle.
“Our mission is to leverage our expertise in AI to provide the right career for everyone in the world,” said Ashutosh Garg, founder and CEO at Eightfold. “The Eightfold team has spent the last four years developing a single platform servicing all talent lifecycle needs, bypassing single point solutions entirely.”
Eightfold AI says its single platform for the entire talent lifecycle brings together billions of anonymized data points, algorithms and domain expertise required to make a reliable, scalable impact for enterprise-scale organizations. Its Talent Intelligence Platform uses deep learning AI to transform how companies acquire, develop and advance talent.
“What’s been most impressive is their approach to partnering with companies to fundamentally understand their needs and then applying tech against those needs to create a scalable, efficient approach to talent management," said Quentin Clark, managing director at General Catalyst.