Eightfold.ai is a Mountain View, CA-based company developing artificial intelligence (AI) software for employee acquisition and talent management. Formerly known as VolkScience, Eightfold.ai developed a software called the Talent Intelligence PlatformTM, an AI-based platform that leverages Search Engine Optimization (SEO) and resumes for the hiring process and employee retention.
The Talent Intelligence PlatformTM (TIP) has four functions used from the point of applying through to employee retention.
The talent experience tool is an application portal that assesses submitted applicant resumes and matches the applicants with jobs matching their prior relevant experience through Search Engine Optimization (SEO). Eightfold uses its AI to predict whether an applicant is suited for a job based on their experience compared to other submitted resumes. Users can view personal metrics for each position they apply to.
The Talent Intelligence Platform's Bias Dashboard
The talent diversity tool offers a "candidate masking" feature to remove bias from the hiring process. Applicants can make personal characteristics, such as age, gender, ethnicity, and geographic location, private to hiring staff. Additionally, hiring staff can view metrics that identify where underrepresented candidates such as women, veterans, people of color, and more were removed from the hiring process, allowing companies the opportunity to take corrective action. This feature is shown in a dashboard format.
The talent acquisition tool is powered by AI machine learning and is used to filter applications and resumes. The AI is intended to narrow down applicant results based on candidate qualifications for hiring staff. Additionally, the tool offers the following features:
- ATS and HRIS integrations - for rediscovering talent from within.
- Skills taxonomy
- Job calibration (mentioned above)
- Talent Network
- Personalized CRM - for sending emails to potential candidates.
- Event recruiting
- Talent analytics
- Automated chatbot - administers the job application as a conversation.
Talent Intelligence Platform - Talent Management tool
The talent management tool was developed to help employers retain employees through the following services:
- Career planning
- View open jobs within the company
- Create personal profiles with resume and skills
Additionally, the talent management tool has an AI that assesses potential successors for positions before they become available. The AI also offers insights based on current employee resumes and makes suggestions accordingly.
Timeline
This round of funding is led by General Catalyst and includes investors from previous rounds, including Capital One Ventures, Foundation Capital, IVP, and Lightspeed Venture Partners.
"...We are proud to launch a virtual hiring solution to enable recruiting events to continue and, we hope, to help ease some of the anxiety and pain that candidates are feeling. We never imagined COVID-19, but we can help to ensure candidates are still contacted, encouraged, and hired."
Eightfold.ai announced it has added IVP to its list of investors in raising $28 million in a Series C financing. The round, joined by Foundation Capital and Lightspeed Ventures. This brings Eightfold.ai's total funding to $55 million.
