SkyHive Ready to Soar After $40 Million Investment
Using its Quantum Labor Analysis methodology, SkyHive said it’s able to combine economic theory, workforce modeling, human analytics and data science to provide real-time insights on workforces and external labor markets. In a press release statement, company founder and CEO Sean Hinton said the application can help companies and communities worldwide.
“Reskilling the world at scale and with pace is only achieved by successfully blending art and science,” he said. “As workforces and communities debate which skills will secure their futures in tomorrow’s economy, our technology is bringing clarity to this long-standing problem. We are helping them build more efficient workforces, while closing significant skills gaps in the labor market.”
The latest funding round was led by venture capital firm Eldridge with participation from Allegis Cyber, Accenture Ventures, Workday Ventures and the Partnership Fund For New York City. SkyHive said it will use the cash to augment ongoing research and grow the company’s sales and marketing teams. The Vancouver, B.C.-based company has now raised more than $60 million to use towards “future-proofing organizations as they transition from job-based to skills-based models.”
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SkyHive is currently active in 90 countries and 400,000 locations worldwide, something the company believes helps it work toward solving dislocation in modern labor economics and human capital. The company said the funding will help unify job taxonomies and skills ontologies across organizations and reduce the time and expense of workforce planning, talent procurement and employee retention.
“SkyHive has combined the promise of technology and human ingenuity to create a solution that provides long-lasting, positive value for individuals,” said Tom Lounibos, global managing director of Accenture Ventures. “We look forward to supporting this purpose-driven company as it continues to scale while closing skill gaps for societies around the world.”
Founded in 2017, SkyHive is a certified for-profit social impact company (B Corporation) and provides its workforce planning technology via a SaaS model.