Evolv Raises $15 Million in Financing Led by VantagePoint Capital Partners
Funding Fuels New Market Expansion and Development
SAN FRANCISCO, March 12, 2013-- Evolv, a pioneer in SaaS-based predictive data analytics that provides a holistic view into workforce profitability, has closed a $15 million Series D financing, led by VantagePoint Capital Partners, the company announced today. Existing investors GGV Capital, Lightspeed Venture Partners, and Khosla Ventures also participated in the round. Evolv will use the funds to further develop its predictive analytics solutions and to support continued vertical market and geographic expansion. These investments will further enable Evolv customers to utilize analytics to drive meaningful operating margin improvement via better insights into key drivers of workforce productivity, retention and profitability.
Evolv was founded in 2007 on a simple premise that big data predictive analytics and machine learning can be used to correct the inefficiencies that undermine the profitability of the frontline “hourly” workforce – which today represents 60 percent of all US jobs. Evolv’s customized solutions profile top performers, predict employee success, benchmark workforce performance, identify effective and ineffective training and management practices, predict employee tenure, recommend organizational improvements, lengthen the average employee lifecycle, and ultimately, improve operating profitability.
Evolv’s first of their kind solutions have delivered an average of $10 million in P&L impact to each of its customers, while simultaneously increasing workforce tenure by an average of 15 percent and workforce performance by 5 percent. Evolv enables employers to finally look at their workforces through the lens of big data predictive analytics to select, develop and retain a more productive, positive and ultimately more profitable workforce. Via its SaaS-based solution, Evolv supports its customers in debunking workforce myths that have historically undermined profitability for employers and job satisfaction for tens of millions of employees.
“At Evolv, we are focused on the most valuable asset of any company - its people. We believe that data will change how the workforce is selected, retained and developed and we continuously show in each customer relationship that data provides a more certain and replicable path to increased productivity and profitability than traditional employment practices,” said Max Simkoff, CEO and co-founder, Evolv. “Our customers use Evolv’s workforce profitability solution to both uncover and implement key insights about how to optimize the entire employee lifecycle.”
“Evolv is a defining leader in predictive analytics technology and showcases how big data can be leveraged to improve stagnant business processes,” said Bill Harding, Managing Director, VantagePoint Capital Partners and new member of the Evolv Board of Directors. “We are confident about Evolv’s dynamic business model and fully support the management team as they continue to improve relationships between employers and employees.”
Evolv harnesses the power of big data predictive analytics and machine learning to uncover and correct the inefficiencies that undermine profitability of global workforces. Evolv’s SaaS-based analytics platform delivers actionable decision support throughout the employee lifecycle by identifying improvement areas and transforming core operational business processes to drive increased employee retention, productivity and engagement.
About VantagePoint Capital Partners
VantagePoint Capital Partners is a leading global investor in energy innovation and efficiency, information technology, digital media and healthcare. With a best-in-class investment team of business and scientific experts, a broad network of corporate Strategic Partners, accomplished Senior Advisors, and more than $4 billion in committed capital, VantagePoint has the resources and talent to build important, industry-leading companies. Headquartered in Silicon Valley with offices in Beijing, VantagePoint has active investments in over 70 companies. For more information, visit www.vpcp.com.
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