SaaS unicorn Eightfold AI has raised $220 million in a Collection E funding spherical, led by SoftBank Imaginative and prescient Fund 2. With this spherical, the US-headquartered firm based by IITians Ashutosh Garg and Varun Kacholia, has greater than doubled its valuation since November final yr to $2.1 billion.
This spherical additionally noticed participation from earlier buyers together with Basic Catalyst, Capital One Ventures, Basis Capital, IVP and Lightspeed Enterprise Companions. Whole funding raised to this point by Eightfold AI is greater than $410 million, with $325 million coming within the final seven months.
The corporate, headquartered within the US, can be utilising the platform to gas development, put money into the know-how and the product. “Most significantly, we’ll preserve enhancing our functionalities, in order that we will preserve fixing for employment. We’re additionally extending our platform the place our companions can construct on high of our platform as a result of we do not consider we will construct every little thing ourselves,” Garg advised Enterprise Customary, a former Google techie who based Eightfold AI in 2016.
The corporate has a singular Expertise Intelligence Platform, which helps organisations to retain high performers, upskill and reskill the workforce, recruit high expertise effectively, and attain range objectives. It has purchasers similar to Tata Communications in India.
“India is a particularly necessary marketplace for us. If you consider the worldwide workforce, just about each firm has an workplace in India,” mentioned Garg.
Of the 250 workers at Eightfold AI, 100 sit out of India. “Over time, I count on 50 per cent of our crew or extra to be in India. So you’ll be able to anticipate that mapping to north of $100 million plus,” revealed Garg on the funding plans in India.
EIghtfold AI is part of the rising record of SaaS success tales similar to Zenoti, Freshworks and Druva being written by Indian-origin founders who’ve set base within the US.
“Powered by AI and machine studying, Eightfold’s platform offers world enterprises with a single answer for managing the whole expertise lifecycle, together with hiring, retaining, and rising a various world workforce,” mentioned Deep Nishar, Senior Managing Associate at SoftBank Funding Advisers.