HR startup Eightfold enters unicorn status after $125m series D round

HR tech startup Eightfold AI said it has raised US$125 million in a series D round led by General Catalyst, pushing its valuation to US$1 billion.

Existing investors such as Capital One Ventures, Foundation Capital, IVP, and Lightspeed Venture Partners also participated in the round, which boosted the company’s total raised amount to US$180 million, according to a statement.

Eightfold CEO and co-founder Ashutosh Garg / Photo credit: Eightfold AI

Founded in 2016, Eightfold provides companies with a deep learning-driven platform that helps retain, upskill, and reskill their workforce. It also allows organizations to recruit new talent and reach diversity goals easier.

Eightfold said it looks to use the fresh capital to bankroll its hiring spree in India to boost its presence in the country. It also plans to use part of the new funds to expand and scale its artificial intelligence-powered talent management platform, according to a statement.

“This investment ensures that the most talented, intelligent, and ambitious engineers and data scientists in India will have a place to continue their growth here at Eightfold,” the company’s head of AI Vinodh Ravindranath said.

Eightfold said it currently works with customers across 110 countries and 17 industries, including Tata Communications, AirAsia, Bayer, Capital One, and Micron. It also claims to have more than quadrupled its sales since its last round of funding in April last year.