Phenom, the world’s most widely used AI-powered talent experience platform, today announced a $100 million Series D round. B Capital Group led the round, which also had participation from Dragoneer Investment Group, OMERS Growth Equity and GoldenArc Capital. The capital ensures Phenom can remain focused on fulfilling its purpose — to help a billion people find the right job — above all else.
With new funding, Phenom continues to innovate its Talent Experience Management (TXM) platform for organizations adopting AI holistically in a post-COVID era. As a result, candidates find the right job faster; employees learn and evolve; recruiters discover best-fit talent with efficiency and scale; and managers make stronger data-driven decisions to build their future teams.
HR leaders have never faced greater pressure to hire the right candidates and unlock the true potential of their employees. Over 400 global enterprises — including nearly 50 Fortune 500 companies — depend on Phenom’s intelligence as they compete for talent in the most fluid labor market ever. More than 100 million workers may need to switch occupations by 2030, up to a 25% increase from before the pandemic*. Phenom is preparing its customers for a crush at the labor market’s inflection point — when job supply starts to close the gap with demand.
Enterprises like Southwest Airlines, Newell Brands, Land O’Lakes, AXA and Radian Group Inc. have turned to Phenom, replacing inefficient talent processes with a modern experience platform backed by artificial intelligence.
“At Phenom, we’ve always been a purpose-driven company, and that will never change,” said Mahe Bayireddi, CEO and co-founder of Phenom. “Since the beginning, we have rooted our platform in intelligence versus simply adding AI as a single tool or feature. This makes our AI dramatically different, and helps us cultivate a healthy talent ecosystem. Jobs are the foundation of thriving societies around the world. They provide livelihoods and help people reach their full potential. As organizations respond to a seismic shift in how they approach and manage talent, Phenom is scaling with conviction, so everyone has the resources to succeed in times of both volatility and stability.”
Automation and AI Prove Crucial for Global Employers
The Phenom platform automates administrative tasks and personalizes experiences for candidates, recruiters, employees and hiring managers, generating more impactful moments throughout the talent journey.
In 2020, it was adopted by 25,000 recruiters, talent marketers and hiring managers — helping them hire over 2 million people and engage over 3 million employees. Additionally, Phenom customers have leveraged TXM to drive the following key outcomes:
- A media company increased completed applications by 300%.
- A healthcare company hired 451 critical nurses over just seven weeks.
- A conglomerate fueled over 6,500 internal referrals per month.
- A logistics company decreased time to fill for internal hiring by 20%.
- A software corporation automated 90% of interview scheduling, saving 24,000 hours.
- A hospitality company engaged 18,000 candidates through chatbot, reducing time to apply by 78%.
- A technology company experienced a 25% decrease in time to fill by using talent CRM campaigns.
- An entertainment company drove 33,000 visits to their alumni portal, resulting in 900 applications.
“As Southwest has managed talent experiences over the last year, we’ve been sensitive to industry-altering conditions while keeping our focus fixed on the future,” said Greg Muccio, director of talent acquisition at Southwest Airlines. “Phenom’s AI gives our team the ability to prioritize the most important personal interactions with candidates and employees. Since we’re automating routine tasks, we can focus more on the heart of Southwest: our people. Phenom’s been an amazing partner through it all.”
Without Enterprise-Grade Intelligence, Companies Won’t Recover
The risk of losing access to capable talent rings more clearly each day. In a recent survey of senior executives, two-thirds said they were stepping up investment in AI and automation*. Companies’ talent evolution will hinge on whether they become an intelligent enterprise that harnesses data, automates HR processes, and humanizes stakeholder experiences.
Phenom’s system of intelligence exists at the core of TXM, built on a vast network of data, contextual industry models and deep learning. Interpreting billions of events and human interactions, Phenom AI delivers personalization, conversation, insights and automation throughout the talent journey. The power of Phenom’s intelligence is based on over 25 billion interactions per year — as well as 1 billion-plus candidate profiles across 180 countries; 400 million jobs, 154 million job titles and 27 million skills in multiple languages.
“Phenom keeps their customers several steps ahead of a workforce in rapid transformation and well-positioned to win the battle for attracting and retaining top talent,” said Rashmi Gopinath, general partner at B Capital Group. “With artificial intelligence and a modern, data-driven approach, Phenom’s TXM platform enables hundreds of enterprises to bridge the gap between people, processes and systems. We are excited to partner with the Phenom team on their bold purpose to help a billion people find the right job.”
From the start, Phenom’s investors understood how the TXM platform and philosophy would revitalize HR in a lasting, meaningful way. Sierra Ventures, AXA Venture Partners, WestBridge Capital, AllianceBernstein, Karlani Capital, Omidyar Technology Ventures and Sigma Prime Ventures joined previous funding rounds, and continue to support Phenom’s purpose today.
Founded in the Philadelphia region, Phenom’s unique approach to culture has always inspired the company’s strategies for product development, geographic expansion, partnerships, acquisitions, employee engagement and corporate responsibility. Phenom hosts the world’s largest talent experience conference in Center City Philadelphia. The company currently has over 20 open positions in the region.
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