Ascendify lands $11M funding to bring predictive analytics to talent management
Skills shortages are a growing problem for enterprises today, preventing many from adopting new technologies such as cloud computing and artificial intelligence. To address this challenge, a startup called Ascendify Corp. is touting its Intelligent People Management talent acquisition platform as a possible solution.
Ascendify’s talent recruitment platform is built on what the company calls an “intelligent data layer” that leverages predictive analytics and augmented decision making to help organizations locate and hire the right staff.
Basically, the platform applies data analytics to identify “patterns” that indicate if a prospective employee is likely to become a successful one. In addition, the platform also serves as a talent management platform for human resource departments to provide better management of the current staff.
The platform helps HR teams to make smarter decisions with their talent, the company says in its pitch. For example, companies can use the platform to decide which staff members are the most worthwhile to invest in, based on their skills and adaptability, and the company’s goals. The platform also helps companies to fill gaps in hiring delays and employee turnover, and create strategies for employee retention, Ascendify said.
Ascendify has good reason to think its technology can help more organizations find and keep the talent they need to succeed. The company boasts of happy customers including the likes of General Electric Co., Cisco Systems Inc., Panasonic Corp. and Deloitte Touche Tohmatsu Ltd., which are all using its platform to guide their own recruitment drives and investments in talent.
“Just like other intelligent apps can recommend what movie to watch, what music to listen to or what route to avoid traffic, Ascendify serves as a recommendation engine for talent,” said Matt Hendrickson, founder and chief executive officer of Ascendify.
A second reason for optimism is money. Ascendify said today it has just closed on an $11 million Series A funding round led by Canaan Partners, with participation from GE Ventures and Cisco Investments. The company will use that money to expand the capabilities of its platform and build out its sales teams.
“Going back to our investment in Success Factors, Canaan has believed in the impact that superior talent management technology can deliver to the enterprise,” said Deepak Kamra, general partner at Canaan. “Ascendify’s unique end-to-end platform gives organizations the tools to make smarter hiring and management decisions.”
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