retrain.ai, the Talent Intelligence Platform, announced it has closed an additional $7 million from current investors and adds Splunk Ventures as a strategic investor in its oversubscribed funding round. retrain.ai uses AI and machine learning to help governments and organizations retrain and upskill talent for jobs of the future, better enable diversity initiatives, and empower employees and jobseekers to take control of their career paths. The new capital expands the company’s total funding to $20 million.
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The World Economic Forum estimates automation will displace 85 million jobs while simultaneously creating 97 million new jobs by 2025. retrain.ai’s goal is to help millions of workers get the right job while helping organizations navigate through this wave of change.
“We are thrilled to have Splunk Ventures join us on this exciting journey as we use the power of data to solve the widening skills gap in the global labor markets,” said Dr. Shay David, Co-Founder and CEO of retrain.ai. “Splunk’s dedication to using data to drive positive change aligns with our mission to upskill talent for the workforce of the future, making this the perfect collaboration.”
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Splunk Ventures joins other investors including Square Peg, Hetz Ventures, TechAviv, .406 Ventures and Schusterman Family Investments. Splunk Ventures’ social impact fund is supported by Splunk, the provider of the Data-To-Everything Platform, and is dedicated to expanding and enhancing data’s business value while having a positive impact on society.
retrain.ai’s funds will be used for U.S. expansion, hiring of key talent and product development. Customer adoption has compelled the company to accelerate its plans as changing skill requirements and major labor market disruptions are forcing organizations to rethink future workforce strategies. retrain.ai’s Talent Intelligence Platform tackles this problem by analyzing millions of data sources to understand the demand and supply of skill sets. The platform quantifies talent gaps and recommends internal mobility, transition plans and personalized training pathways to invest further in an organization’s existing workforce.
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