VANCOUVER, BC / ACCESSWIRE / November 2, 2020 / SkyHive, the premier AI-based SaaS platform to reskill enterprise workforces and communities, secures $8 million in Series A financing. The round was led by AllegisCyber Capital, Accenture Inc., Workday Ventures, and the Partnership Fund for New York City, all prominent investors and experts in the workforce management vertical.
"Prior to COVID, the changing nature of how the world works was a slow drip... this has now become a firehose, as companies and communities across the world race to define the new normal," said SkyHive Founder and CEO Sean Hinton. "With our Series A and the amazing partners joining us on this journey, we are honored to be recognized as a world leader in understanding these changes and applying SkyHive's technology to solving these large-scale challenges. We are looking forward to accelerating our pace of growth to continue to support companies and communities across the world during these unprecedented times."
SkyHive is an advanced source of data for how the world works and learns. With its AI-based engine, the platform reads an employee's work profile to translate it into skills. It then finds correlation between these skills and the skills extracted from jobs to identify optimized career pathways through learning solutions - all done automatically using millions of real-time data points. This empowers organizations to maximize their workforce capability, increase employee retention, and achieve diversity and inclusion objectives.
The technology works with every kind of workforce - from front-line workers to corporate workers, global businesses to indigenous communities, enabling the company's mission to advance world economic empowerment and livelihood.
"The current pandemic has accelerated the market need and opportunity for reskilling. Applying SkyHive's AI technology against labor markets, workforces and skills is a compelling value proposition for the global workplace," said Pete Bodine, Managing Director of AllegisCyber Capital.
"The pandemic and resulting shifts in the global labor market have made today's skill gap an urgent challenge for organizations and individuals across all industries," said Eva Sage-Gavin, Senior Managing Director of Accenture's Global Talent and Organization/Human Potential practice. "SkyHive provides critical capabilities for clients to close workforce skills gaps so they can survive, thrive, and grow."
"As the global workforce continues to rebound from the pandemic, SkyHive's technology will be an invaluable tool for both employers and job seekers alike," said Maria Gotsch, President and CEO of the Partnership Fund for New York City. "We're thrilled that SkyHive is planning to open an office in New York, especially at a time when new activity and jobs are so important for our local economy. The ability to identify new and diverse talent quicker and at scale will be critical to helping the city recover and getting more New Yorkers back to work."
SkyHive Technologies, based in Canada and Silicon Valley, was established in 2017 with the mission of reducing global unemployment and underemployment. Today, the company is supporting the workforce transformation and reskilling efforts of dozens of Global 2000 companies and governments on four continents. It is a for-profit social enterprise, an inaugural signatory to the Cascadia Commitment (a public pledge to the ethical use of artificial intelligence), and the first AI technology company in British Columbia, Canada to become a Certified B Corporation®.
The power of this platform is its technology. The award-winning company invented and commercialized Quantum Labor Analysis, which is a unique way to apply artificial intelligence to analyze a workforce down to the skill level. It continuously collects and processes millions of labor market data points, thus serving as the most advanced real-time knowledge graph of jobs, skills, training, and labor market intelligence in the world. This capability allows an unprecedented understanding of the very fabric of the economy, and has massive implications on how organizations and individuals plan and align skills to work in the future.
The next phase of SkyHive will see it continue to serve as one of the world's most powerful reskilling engines with increased global scale and reach. SkyHive aims to empower workers/learners to reskill and gain access to better livelihoods; organizations to efficiently transform their workforce; educators to align curriculum with emerging hiring needs; governments to position policies to respond to economic shifts; and communities across the world to be positioned to fully participate in the economy.
About AllegisCyber Capital
AllegisCyber Capital, based in Silicon Valley and Maryland, has been investing in cyber security for almost two decades in the U.S and select international markets and was the first venture firm to focus exclusively on cyber security and data science. The firm's team is replete with venture capital and start-up entrepreneurial veterans and has been described by industry press as "Cyber's Money Men" for its domain expertise and market leadership position. Current AllegisCyber investments include Area 1, Callsign, CyberGRX, Dragos, SafeGuard Cyber, Shape Security, Source Defense, Synack and vArmour. AllegisCyber partners closely with DataTribe, which grows cyber and data science technology startups in partnership with subject matter expert engineers from the U.S. intelligence community and national labs. For more information on AllegisCyber, please visit www.allegiscyber.com
About the Partnership Fund for New York City
The Partnership Fund for New York City is the $170 million investment arm of the Partnership for New York City, New York's leading business organization. The Fund's mission is to engage the City's business leaders to identify and support promising entrepreneurs - in both the for-profit and nonprofit sectors - to create jobs, spur new business and expand opportunities for New Yorkers to participate in the City's economy. As an "evergreen" fund, realized gains are continuously reinvested. The Partnership Fund Board is led by co-chairs Charles R. Kaye and Tarek Sherif. Maria Gotsch, president and CEO, leads the team. More information about the Fund can be found at www.partnershipfundnyc.org