One Model, an AI-powered people analytics platform, has secured $41 million in a funding round led by Riverwood Capital. The company plans to use the funding to enhance its technology, product development, customer success, and go-to-market strategies. One Model aims to expand its people analytics product roadmap to cater to various audiences, including data scientists, analysts, people managers, and C-level executives, by delivering tailored content through alerts, notifications, and individualized reporting. The funding will also enable further investment in One AI, providing analysts and decision-makers with actionable forecasts while maintaining strong ethical standards and data governance.
People analytics platforms, like One Model, collect and apply organizational and talent data to improve business outcomes. The demand for such platforms continues to grow, with a projected market size of $7.67 billion by 2031. One Model’s team, which includes CEO Christopher Butler, previously worked at Human Capital Management software company Inform, which was acquired by SuccessFactors. They noticed a gap between customer requests for managing people data and the available solutions in the market. One Model addresses this gap as an enterprise people data orchestration platform that extracts, models, and governs HR data, delivering it to various applications and services.
The platform provides a range of capabilities, including identifying skill and talent shortages within a company, forecasting future workforce needs based on demographic changes, and assessing the cost of turnover and headcount to develop strategies for reducing costs over time. One Model’s customers can integrate different data sources and destinations to create reports, dashboards, and visualizations. The platform also offers One AI, a data science suite for performing HR-related workloads. For example, users can utilize One AI to predict employee resignations based on factors like commute times and time since their last promotion. However, it’s crucial to consider the potential biases that AI may introduce when making predictions.
While One Model faces competition from startups like ChartHop and Knoetic in the people analytics space, it has already established a substantial customer base that includes renowned brands such as Colgate-Palmolive, Squarespace, Robinhood, and Airtable. The company believes that its approach with One AI is distinct from what’s currently available on the market. One Model is committed to ethical applications of advanced data science, aiming to ensure that enterprise workforce decisions are made rationally, equitably, transparently, and by leveraging all relevant enterprise data.
The recent funding round brings One Model’s total raised funds to $44.8 million. With its enhanced capabilities, the Austin-based startup seeks to drive transformation in large organizations by leveraging data insights to refine enterprise people strategies. By addressing data integration challenges, ensuring robust privacy standards and data governance, and providing transparency in talent decisions, One Model aims to empower enterprises to make the best possible workforce decisions informed by accurate data.