Tuesday,8 August 2023, Bengaluru, India
In a funding round headed by Riverwood Capital, One Model, a platform that employs AI to assist employers in making decisions regarding hiring, promotions, layoffs, and general workplace planning, today revealed that it had raised $41 million.
The funding will be used to “boost several of the company’s growth initiatives,” particularly in the fields of technology, product development, customer success, and go-to-market, according to One Model CEO Christopher Butler.
One Model’s people analytics product plan will be expanded, according to Butler, who spoke to TechCrunch via email. “One Model will broaden its people analytics product roadmap to address issues for a variety of data science, analyst, people manager, and C-level audiences, proactively distributing tailored content through alerts, notifications, and individualized reporting,” Butler said. More analysts and decision-makers will receive actionable projections thanks to increased investment in One AI, all from a strong ethical and data governance stance.
It is also not showing any signs of slowing down. One prediction predicted that the market for software that examines people would increase from $2.58 billion in 2022 to $7.67 billion in 2031.
Butler is a member of One Model’s founding team. Inform was a people analytics business that was purchased by SuccessFactors, now known as SAP SuccessFactors, in 2010. They claim they noticed a widening gap between what customers were asking to do with their people data after the purchase and the market’s available solutions.
Butler claims that customers want more control and access to manage and democratize access to people’s data and analyses. The tools we use to manage the workforce generate and collect more data, yet they are rarely interconnected with one another. Organizations are unable to handle the complexity of the data generated by every new vendor and technology in the HR sector.
One Model is referred to by Butler as an “enterprise people data orchestration platform.” That has a lot of words. One Model, however, fundamentally acts as a toolset for extracting, modeling and controlling HR data as well as distributing that data to different applications and services.
One model can carry out fundamental activities, including finding talent or skill gaps inside an organization and forecasting future workforce requirements in light of demographic shifts and corporate objectives. Beyond this, the platform can estimate the cost of turnover and headcount to develop a strategy that monitors and gradually lowers this cost.
According to Butler, “We identified a chance to transform large organizations by enhancing enterprise people strategies through data insights.” In addition to addressing current worries about assuring uniform, auditable hiring decisions with strong privacy standards and data governance, One Model is solving persistent, long-standing data integration difficulties that major enterprises face.
Customers of One Model can combine many data sources and destinations to produce reports, dashboards, and visualizations. Additionally, they get access to One AI, One Model’s data science suite, which can be used for a variety of tasks involving HR data. With its most recent round, Austin, Texas-based One Model has now received $44.8 million in total.
[Source of Information: Techcrunch.com]