SkyHive pockets $40m Series B funding led by Eldridge

SkyHive, a SaaS platform providing workforce transformation and labor market development guidance, has secured $40 million in Series B funding.

SkyHive, a software-as-a-service platform providing workforce transformation and labor market development guidance, has secured $40 million in Series B financing. Eldridge led the round, with participation from Allegis Cyber, Accenture Ventures, Workday Ventures and the Partnership Fund For New York City. SkyHive has offices in Vancouver and Silicon Valley.

PRESS RELEASE

October 20, 2021

PALO ALTO, Calif.–(BUSINESS WIRE)–SkyHive (the “Company”), the SaaS platform providing workforce transformation and labor market development guidance, today announced a $40 million 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 recognized 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 organizations reskill their professionals.

“Reskilling the world at scale and with pace is only achieved by successfully blending art and science,” said 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 labor 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 $60 million towards its mission of future-proofing organizations as they transition from job-based to skills-based models.

“The success of any organization starts and ends with the quality of its workforce,” said Michele Trogni, an Operating Partner at Eldridge. “SkyHive is revolutionizing 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 organizations, 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,” said 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 specializes 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.

About SkyHive

SkyHive is a Certified B Corporation and SaaS provider of intelligent workforce planning technology, which monitors and optimizes labor market efficiency in real time by reskilling personnel across companies, communities, and national economies. Founded in 2017 by Sean Hinton, SkyHive’s AI-supported Quantum Labor Analytics platform has been recognized by the likes of Forbes, Gartner, and the World Economic Forum for its positive impact on labor economies worldwide. For more information, visit www.SkyHive.ai.

About Eldridge

Eldridge invests in businesses across the Insurance, Asset Management, Technology, Mobility, Sports & Gaming, Media & Music, Real Estate, and Consumer landscapes. The firm seeks to build and grow businesses led by proven management teams that have demonstrated leadership and experience to scale an enterprise. Eldridge is headquartered in Greenwich, Connecticut, with additional offices in Beverly Hills, New York, and London. To learn more about Eldridge, please visit www.eldridge.com.