December 8, 2022


In the past decade, so-called Key Personnel Officers (CPOs) have seen a significant expansion of their day-to-day responsibilities. The role has evolved from a human resources administrative function to a more strategic position, particularly as the pandemic has highlighted the importance of skills retention, upskilling, and recruitment during a crisis. But despite the growing interest—the CPO is the third fastest growing C-level position, according to LinkedIn—CPOs are often behind sales, marketing, and customer executives in terms of their methods of data analysis.

With the aim of bringing about change, entrepreneur Joseph Kwan founded KNOTECH, a platform designed to provide insights into metrics such as attrition, diversity, and employee growth. Knoetic integrates with HR systems to allow CPOs to perform analyzes and generate reports automatically, and also makes recommendations such as how to improve employee retention if the platform identifies a problem with employee turnover.

Today Knoetic raised $36 million in a Series B round led by EQT Ventures with participation from Accel and Menlo Ventures. More than 200 angel investors have contributed, including CPOs from Bill.com, Zapier, Box and Calm.

“We’re not building an analytics tool or another tired community — we’re building a second mind, an electronic augmentation that gives CPOs superpowers… We envision ourselves similar to Salesforce building our first and early cloud CRM system,” Kwan said. TechCrunch via email, frames the Knoetic mission on decidedly inflated terms. “[We’re] Continue to educate every CPO that they need data and analytics to earn respect as a leader for the next generation. “

KNOTECH

Image credits: KNOTECH

The Knoetic platform can integrate with human resource information systems, applicant tracking systems, and performance and learning management applications, highlighting trends across the organization. At one point, Knoetic claimed to be exploring machine learning models to predict the drivers of attrition, employee turnover, and successful or rapidly promoted employees who became central to the success of their departments.

Knoetic clients also have access to the CPOHQ Forum, where they can discuss HR topics such as budget planning and immigration policies online and at in-person dinners, workshops, and summits. CPOHQ also hosts best practice documents and playbooks contributed by a community of over 2,000 CPOs.

Knoetic counts Credit Karma, Calm, Checkr, Mural and Synk among its clients, and while Quan didn’t reveal an exact number, he said it grew 500% year over year. The startup’s war fund is around $50 million, with Knoetic preparing to add nearly a dozen people to its workforce of 50.

Knoetic was actually built out of this pandemic, which has been a major tailwind to the company’s growth. Country program officials have leveraged Knoetic’s qualitative and quantitative tools to overcome the difficult pandemic challenges people face. Kwan said the broader technology slowdown has reinforced the need for solutions to support the strategic HR function. “We have several years off the runway with our current burn.”

Knoetic also benefits from the perception that HR technology remains a safe bet even during a downturn. data From WorkTech explains that the venture capital investment for the first half of 2022 puts the year on track to meet or exceed the record $17.9 billion set in 2021, while the second quarter was the fourth largest ever in the HR sector as $4.6 billion was invested.



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