Tech startup Knoetic is coming out of stealth and ready to expand after raising $18 million in a Series A round of funding.
The New York City-based company is unifying CPOHQ, its referral-only social network of more than 1,000 chief people officers, with a SaaS-based analytics tool to create what the company calls an “insight engine” that gives HR leaders quantitative and qualitative insights into their workforce. CPOs can use Knoetic to present data to CEOs, solve challenges with peers and improve employee retention, compensation and hiring practices.
“The 2020s are the decade of the chief people officer,” said Knoetic founder and CEO Joseph Quan in a press release statement. “Last year’s challenges showed every CEO and Board the importance of having a strategic partnership with the people/HR team. Chief people officers were at the center of every existential decision a company faces.”
The company’s software will help HR teams answer questions about company turnover, hiring, compensation, remote work, organizational culture and talent management.
According to Quan, Knoetic is “uniquely poised to give every single one of our users an unfair advantage as a CPO.” Knoetic’s customer base includes many tech companies, including Lyft, Squarespace, Snyk, Dollar Shave Club and Zapier.
The $18 million Series A funding, led by Accel, includes over 100 angel investors, including Wharton professor and New York Times bestselling author Adam Grant, and executives from Box, Figma, Johnson & Johnson, LinkedIn, Scale, Pinterest, Calm and Front.
“Talent teams today sit across a litany of workflow tools, each with different data models,” said Accel Partner Vas Natarajan in a post announcing the funding. “Knoetic integrates those systems to create a single source of truth and exposes key analytics capabilities to CPOs who’ve never before had data-driven insights.”
Related Article: Why People Analytics Is Ripe for Disruption