Eightfold Recruiting Software Startup Reaches $1 Billion Value
(Bloomberg) -- Recruiting software startup Eightfold AI said it was valued at $1 billion in a $125 million financing round led by General Catalyst.
Existing investors Capital One Ventures, Lightspeed Venture Partners, IVP and Foundation Capital also participated in the round, according to Eightfold. The company has now raised $180 million, dating back to 2016.
Eightfold’s software helps companies with all aspects of talent management, from recruiting to employee retention. Its corporate clients include Bayer AG, Capital One Financial Corp. and Micron Technology Inc.
General Catalyst invested partly because Eightfold has seen its business grow during the coronavirus pandemic, said Quentin Clark, managing director at the venture firm.
“It is very telling that at this time, their customer base is exploding,” Clark said. He expects the startup could go public someday, he added.
Eightfold’s platform is designed to help clients diversify their workforce by reducing unconscious bias in the hiring process.
“All of us saw what happened with social unrest over the last few months,” said Eightfold Chief Executive Officer Ashutosh Garg. “We can’t just keep talking about it, we have to solve diversity.”
Overall, it has been a challenging year for recruiting, Garg said. While some industries such as tourism have struggled, others including gaming and health care have done well, he said.
Asked whether an IPO is a long-term goal for the Mountain View, California-based company, Garg replied, “Of course.”
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