Getting people into the workforce can sometimes be a daunting task, but a Mountain View, California-based startup believes it has figured out just how to do it.
Established by Indian American co-founders Ashutosh Garg and Varun Kacholia, Eightfold AI is comprised of a team of engineers, data scientists, salespeople and marketers; as well as machine learning, artificial intelligence, search and relevancy experts with experience building products at scale, all working together with the task of solving employment issues.
The company boasts that it will find the right person for the right role at the right time.
Garg grew up in a small town in India, raised by parents who instilled his drive to study and work diligently. He attended and graduated from the Indian Institute of Technology in Delhi before moving to the U.S. in 1998, where he later earned a doctorate from the University of Illinois at Urbana-Champaign.
“I am grateful (my parents) put me on the path to receive a world-class education,” Garg told India-West in an email.
From the University of Illinois, Garg went on to work at well-known companies IBM and Google for several years before founding BloomReach in 2009. BloomReach, he said, has grown to more than 400 employees.
Garg, along with Kacholia, went on to found Eightfold AI in 2016.
“There is a talent gap in our society between the skills and potential that people have and their ability to express their individual gifts,” Garg explained to India-West. “Imagine what would happen if every person could do their best and most fulfilling work. It would unleash a huge wave of productive energy into the world, and allow for much greater personal satisfaction. Eightfold is solving this talent gap.”
In the three years since launching, Eightfold AI has raised more than $24 million in two funding rounds, with the Lightspeed and Foundation Capital venture companies leading the way.
Garg explained how Eightfold is the world's first Talent Intelligence Platform, built for enterprises to address their talent needs in a holistic manner using AI technology.
“Tens of thousands of people have now been hired and managed their careers using our platform,” he noted proudly. “For the people who seek jobs or work at enterprises that use Eightfold, there are several important benefits. They will be able to take jobs that match their skills and goals, and they can be confident that their candidacy is considered without bias.”
Garg added that, with the Eightfold platform, users can manage their career progression by understanding how they can advance in their company and into alternate career paths.
In the future, Garg hopes that Eightfold will empower every person to find his/her most fulfilling and productive career path.
“Working with enterprises, we will help these companies to match each job candidate with the role that will most fulfill them, transparently and without bias,” he told India-West. “Within Eightfold, we have built a strong team of people who are also passionate about this mission, and we want to continue to grow as a world-class company committed to the respect, effort, and success of our customers.”
From a business perspective, Eightfold AI says it can provide an instant list of qualified and engaged candidates for all of a company’s roles, claiming it is 80 percent faster than other recruiters; it provides a 60 percent reduction in cost-to-hire; a 25 percent reduction in regrettable attrition by uncovering and engaging at-risk employees; and has five times the improvement in candidate relevance.
The company boasts it can be a place for “all your people data – all in one place.” It says it will centralize all people’s data, including ATS, HRMS, resume books and spreadsheets; surface the right people – both internal and external applicants – at the right time for the right job; and distill deep insights about your employees that support the success of your internal mobility initiatives, while increasing engagement and retention.
Eightfold says it has served 100-plus customers; generated a list of 2 million-plus qualified candidates; and has processed more than 20 million applications.