Evolv, a startup that develops science-based, on-demand talent intelligence software, has raised another $15 million in Series D financing, led by VantagePoint Capital Partners with existing investors GGV Capital, Lightspeed Venture Partners, and Khosla Ventures also participating in the round. This brings the company’s total funding to $44 million.
Evolv’s talent intelligence software is used by recruiters and employers to match the best job applicants to various job types based upon factors such as behaviors, skills, motivation and workstyle. The company’s software also helps predict things like employee tenure, and success. And lately, Evolv’s software has been used to analyze how managers can be better matched to employees.
Evolv claims that its SaaS platform reduces employee attrition by 15%, improves hourly employee productivity metrics by 5%, and helps improve annual operating margins by over 20%. The average P&L impact says the company is around $10 million in savings.
The company says it has deployments all over the globe, but the new funding will be used for further international expansion. The investment will also be put towards product development.
Talent management is a huge (and growing) space so clearly Evolv is poised to take advantage of this. And the acquisition market for these enterprise companies is huge. IBM bought Kenexa for $1.3 billion, SAP made a similar move with its acquisition of SuccessFactors and Salesforce also made a move into the human capital management space with the purchase of Rypple.