Today, One Model revealed that it has raised $41 million in a funding round headed by Riverwood Capital. One Model is a platform that employs artificial intelligence to assist organizations in making decisions regarding hiring, promoting, laying off employees, and general workplace planning.
According to One Model’s CEO, Christopher Butler, the funding will be used to boost several of the company’s growth initiatives, particularly in the fields of technology, product development, customer success, and go-to-market.
“One Model’s people analytics product roadmap will be expanded to solve problems for a diverse array of data science, analyst, people manager, and C-level audiences, delivering tailored content proactively through alerts, notifications, and individualized reporting,” Butler said.
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One Model is what is referred to as a “people analytics” platform, a platform made, at least in theory, to gather and use organizational and talent data for better business outcomes. People analytics has long attracted significant interest. In a 2018 Deloitte survey, 84% of major organizations ranked them as “important” or “very important,” and 69% had already established a people analytics team.
Butler is a member of One Model’s founding team. The founding team initially worked for Inform, a people analytics business that was purchased by SuccessFactors, now known as SAP SuccessFactors, in 2010. After the acquisition, they claim they noticed a widening gap between what customers wanted to accomplish with their people data and the market’s available solutions. Hence, One model was founded.
One Model can carry out fundamental activities including finding talent or skill gaps inside an organization and forecasting future workforce requirements in light of demographic shifts and corporate objectives. Beyond this, the platform can estimate the cost of turnover and headcount in an effort to develop a strategy that monitors and gradually lowers this cost.
