SkyHive, a SaaS platform providing workforce transformation and labour market development guidance, has secured USD40 million in a Series B investment round led by Eldridge, with participation from other investors Allegis Cyber, Accenture Ventures, Workday Ventures, and the Partnership Fund For New York City.
Recently recognised by The World Economic Forum as a 2021 Technology Pioneer, SkyHive is solving dislocation in modern labor economics and human capital management using its proprietary Quantum Labor Analysis (QLA) methodology, which is active in 90 countries and 400,000 unique locations worldwide. QLA combines economic theory, workforce modelling, human analytics, and data science to provide real-time insights on workforces and external labor markets. The platform also identifies high-value emerging skillsets and actively helps organisations reskill their professionals.
“Reskilling the world at scale and with pace is only achieved by successfully blending art and science,” says Sean Hinton, SkyHive Founder and CEO. “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 labour market.”
SkyHive’s new capital will support its global expansion of client services and partnerships. It will also augment ongoing research and development and grow the Company’s sales and marketing teams. SkyHive has now raised more than USD60 million towards its mission of future-proofing organisations as they transition from job-based to skills-based models.
“The success of any organisation starts and ends with the quality of its workforce,” says Michele Trogni, an Operating Partner at Eldridge. “SkyHive is revolutionising how professionals around the world can work and learn, and we are proud to partner with Sean and the entire SkyHive team.”
By automating several challenges that have plagued people, leaders, and companies for decades, including the provision of up-to-the minute data on labor market activity around the world, SkyHive is unifying job taxonomies and skills ontologies across organisations, while reducing 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,” says 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.”
SkyHive clients include many of the world’s top companies and governments. Its platform is vertically agnostic and specialises in all facets of the labor market. SkyHive is a for profit-social impact company (B Corp) and a proud public proponent of the ethical use of artificial intelligence.
