Talent Intelligence Platform retrain.ai Closes $13 Million in Funding
Israel-based AI-powered Talent Intelligence platform, retrain.ai has announced the closing of a $9M Series A led by international fund Square Peg. This funding is a follow-up from last year’s $4M Seed Round in September, which was led by Hetz Ventures, with TechAviv and .406 Ventures participating. The company will use the funds to accelerate growth and to expand its team. Additionally, the firm has announced the first deal with the Israeli Department of Labor which will leverage retrain.ai’s capabilities to help flatten the national unemployment curve.
retrain.ai uses AI and Machine Learning to redefine the future of work by helping organizations upskill, retrain and place professionals in new roles faster and more accurately than ever before. The intelligence platform enables both employers and employees to navigate change, through the entire talent life cycle, from hiring to retiring. At the face of HRTech innovation, the retrain.ai, led by three experienced entrepreneurs and technologists who have spent the last two decades building large-scale software systems, is built to address the unprecedented shifts in the global workforce.
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retrain.ai’s team of data scientists and AI luminaries set up the platform to capture business growth drivers, analyze skills and skill-shifts cycles, and predict the ‘Jobs-of-the-Future’ allowing employers and employees to better understand which skills are emerging, evolving, and expiring. It tackles the skills gap problem by analyzing millions of data sources – including corporate data and government statistics. Afterward, it maps an organization’s skills inventory, quantifies talent gaps, and recommends internal mobility and transition plans and personalized training pathways to bridge the skills gap.
In addition to this funding, retrain.ai is already serving a number of S&P 500 companies as well as a number of governments. The first to sign with retrain.ai is Israel, which has proven its global leadership in executing its COVID-19 vaccination rollout via its renowned digital healthcare system and is now committed to tackling the growing employment crisis.
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“The world is on the brink of the biggest disruption to labor markets since the industrial revolution, brought on by changing business models and artificial intelligence. The retrain.ai team has built a ground-breaking platform that will help individuals and organizations manage the required transformation at scale,” said Paul Bassat, co-founder and Partner at Square Peg. “We were impressed by the team’s experience building and scaling companies and are excited to partner with their talented team on their mission to close the future skills gap.”
“Every organization we speak to is ‘rethinking their Future Workforce strategy,’ but how do you do this with thousands of employees, turnover rates that keep increasing and job requirements that are changing so rapidly?” said Judah Taub, Managing Partner at Hetz Ventures. “retrain.ai recognized that AI is a natural solution to effectively resolve the skills gap. AI is built for taxonomies, matching algorithms, optimizations and ongoing monitoring, and retrain.ai’s unified platform has the potential to revolutionize the way talent is hired, trained and re-trained in a world of rapidly changing needs across all industries.”
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