Eightfold raises $28 million for AI that matches job candidates with employers
Summary
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. With a small team of engineers and data scientists, the two set out to address recurring pain points in online recruiting: inadequate accounting for candidates’ work experiences, roles, skills, and educational backgrounds, and a dearth of sophisticated sharing, outreach, and sorting tools. “Poorly crafted career sites and job descriptions hinder the application process by failing to attract qualified talent and — even worse — dissuading diverse candidates,” Garg said. As for recruiters, they’re able to specify things like diversity goals, degree levels, and other requirements, and optionally mask matched candidates’ age, gender, ethnicity, and geography to minimize the potential for prejudice. Toward that end, Eightfold claims that its specially tuned, debiased algorithms — which ingest publicly available web data to generate a “Platonic ideal” of any business in virtually any industry — have resulted in a collective 19% increase in hiring of women across its clients.
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