No company can exist without a workforce, and as tech businesses begin to take precautions against a slowed economy, they’re keeping their teams at the top of their priority list. Knoetic pulled in fresh funding to help chief people officers looking to improve employee retention, accelerate team performance and create stronger company cultures.
The company announced Wednesday that it raised Series B round of $36 million. The raise was led by EQT Ventures and brings its total funding to $50 million. Knoetic provides C-suite level officers and managers with people analytics tools, aiming to help them make data-informed decisions about their teams.
In addition to this SaaS solution, Knoetic offers its CPOHQ product, a community that grants chief people officers access to resources like benchmarks, roundtables, playbooks and a forum. This network of more than 2,000 executives allows CPOs to benefit from their peers’ knowledge as they work to solve challenges within their workforces.
This SaaS solution integrates with more than 60 HR systems and helps HR teams save time on gathering data. Knoetic’s people analytics technology can offer HR teams insights on areas like attrition, DEI, performance and compensation, according to the company. The company counts names like Credit Karma, Checkr, Figma and Front among its customers.
Developed during the early stages of the pandemic, Knoetic has worked to help HR teams adapt to the evolving needs of remote and hybrid workforces. Companies quickly found that the people strategies that have worked in years past were no longer viable in today’s largely digital working environment.
“In the last decade, CPOs have seen massive expansion of their responsibilities, work and influence — particularly in the last 2 years,” Knoetics CEO Joseph Quan told Built In via email. “In many ways, the rise of the CPO mirrors the previous rise of the CRO and CMO in the last decade. The HR function is still 5-10 years behind sales, marketing [and] customer tech in its analytical capabilities, still living in manual spreadsheets for data analysis.”
In working to help CPOs become more quantitative and data-driven, Knoetic’s goal of bringing HR functions into the modern age has thus far proven successful. Since its launch in 2020, the company has quintupled its year-over-year revenue, and its CPOHQ community has grown 20 times in size.
Hoping to keep the ball rolling, Knoetic is investing its latest capital raise in furthering its two products. In addition to expanding its global network of executive people leaders, the company plans to advance its people analytics solution with a new suite of features. Knoetic is building out custom dashboards, new platform integrations, executive reporting functions and AI-powered analytics recommendations that can proactively alert people teams to potential issues.
“The people function isn’t going anywhere – it’s continuing to rise, taking on an ever-growing set of new responsibilities and challenges,” Quan said. “The broader tech slowdown has also only strengthened the need for solutions to support a strategic HR function…. Teams are being tasked to do more with fewer resources, [and] Knoetic serves as an extension of these teams during a time they need it most.”
With the rest of its new capital, Knoetic is investing in its own team. The company is expanding its team of 50 with remote roles available across engineering, HR, product and customer success.
