A recent industry study found 300+ human resources (HR) technology start-ups developing AI tools and products for HR or people management, with around 60 of these companies “gaining traction” in terms of customers and venture capital funding. Eightfold, an Al-based talent intelligence platform that helps attract, develop, and retain top talent, has raised $220m in funding and is now valued at over $2bn. Phenom, an HR technology firm that automates job tasks and improves the job search experience, was reported by Forbes as having “quietly become a billion dollar unicorn”. Accenture has made a strategic investment in the London-based start-up Beamery, which offers its own operating system for recruitment and has a reported valuation of $800m.
Large global technology firms have also started to make AI central to their people management systems and processes; IBM recently reported that in a single year its cost savings due to implementing artificial intelligence in human resources exceeded $100m. Although use of AI tools and apps
