Eightfold is the latest AI and machine learning startup promising to solve recruiting that has announced a significant round VC raise. Their top line message is focused on matching and making recommendations for both candidates and employers, but they also have solutions covering both diversity & inclusion and internal talent mobility. Billing themselves as a “talent intelligence” platform, they make some big claims about their ability to impact the quality of the experience for candidates, recruiters, and hiring managers, as well as the efficiency of the process. They join an increasingly crowded field of AI recruiting tech.
It’s tough finding qualified candidates. In the U.S., it takes about 43 days from the time a listing is published to the day a would-be employee accepts an offer, and bringing on a single job seeker can cost upwards of $4,129. Unsurprisingly, 63% of executives in a Gartner survey named talent shortage as the top risk facing their organizations.Eightfold seeks to address those hiring challenges with AI and machine learning, and it’s raising venture capital to gear up for growth. The Mountain View, California-based talent platform provider today announced that it’s raised $28 million in series C financing led by IVP, with participation from Foundation Capital and Lightspeed Ventures. The capital infusion follows on the heels of a $5.7 million series A round in September 2017 and an $18 million series B round last April, and it brings Eightfold’s total raised to $55 million.