HR Tech Leader Now Valued at $1.3B After A $100 Million Series D
Phenom, the world leader in tech-driven talent acquisition and management, has announced a $100 million Series D funding round that further raises the company value to $1.3 billion.
B Capital Group led the round, which also saw participation from investors and venture capitalists Dragoneer Investment Group, OMERS Growth Equity, and GoldenArc Capital. With the latest funding round, Phenom gets a boost in fulfilling its vision of helping a billion people find the right job for them.
A Boost for Its TXM Platform
With its new funding, Phenom intends to improve its Talent Experience Management (TXM) platform for organizations adopting artificial intelligence (AI) holistically in the new normal after the global coronavirus pandemic. Its TXM is among the world's most widely used AI-powered talent experience platforms. With the platform from Phenom, candidates can now find the right job for them faster; employees learn and evolve steadily; recruiters are able to find the best candidate more efficiently; managers can make data-driven decisions to create the teams in their organization.
Phenom recognizes the unprecedented pressure to find the right candidates and unlock the true potential of its employees. In a press release, the tech company reports that more than 400 global companies - including almost 50 companies from the Fortune 500 - now depend on Phenom's intelligence as they compete over the scarce talent pool offered by the most fluid labor market ever.
The company also sees about a hundred million works potentially switching jobs by 2030, equivalent to a 25 percent increase from the pre-pandemic times. Phenom is gearing its customers up when the critical inflection point of the labor market arrives: when the supply of jobs in the market comes close to the existing demand.
Among the organizations using Phenom TXM are Southwest Airlines, Newell Brands, AXA, Land O' Lakes, Radian Group Inc, and more. With this AI-driven platform, these companies can now do away with old and inefficient talent acquisition with a more efficient and streamlined approach.
"At Phenom, we've always been a purpose-driven company, and that will never change," said Phenom CEO and co-founder Mahe Bayireddi. "Since the beginning, we have rooted our platform in intelligence versus simply adding AI as a single tool or feature. This makes our AI dramatically different, and helps us cultivate a healthy talent ecosystem. Jobs are the foundation of thriving societies around the world."
Automating Talent Acquisition for Global Employers
With the Phenom platform, organizations can enjoy automated administrative tasks and offer a personalized experience for candidates, employees, recruiters, and even hiring managers - creating a more impactful experience across all stages of the talent acquisition process.
Last year, the Phenom TXM platform was adopted by some 25,000 recruiters, talent marketers, and hiring managers - securing jobs for more than 2 million people and engaging over 3 million employees. It has driven a number of key outcomes for its various clients, such as a 300% increase in applications completed by a media company or automating almost 90 percent of interview scheduling for a software corporation, saving an equivalent of 24,000 hours.
WATCH: TXM | Talent Experience Management by Phenom
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