Retrain.ai Raises $13M to Leverage AI for Jobs Market Insights

Retrain.ai Secures $9 Million Series A Funding

Retrain.ai, an Israeli company leveraging AI and machine learning, has successfully completed a $9 million Series A funding round. This investment was spearheaded by Square Peg. The platform analyzes job boards extensively to predict future trends within the employment landscape.

This latest funding brings the company’s total raised capital to $13 million. This includes a previously undisclosed $4 million seed round from last year, backed by Hetz Ventures, TechAviv, and .406 Ventures.

Competitive Landscape

Retrain.ai operates in a competitive market. Key competitors include Pymetrics, which has secured $56.6 million in funding, and Eightfold.ai, with a substantial $176.8 million raised.

Partnership with Israeli Department of Labor

Alongside the funding announcement, retrain.ai has also secured its inaugural contract. This agreement is with the Israeli Department of Labor. The collaboration will focus on analyzing shifts in the Israeli job market, particularly in response to the ongoing pandemic.

How the Platform Works

The core function of retrain.ai’s platform is to monitor job advertisements. It identifies declining job roles and provides early indicators of emerging employment opportunities.

This capability allows for informed policy development for both large organizations and governmental bodies. The platform helps anticipate and adapt to the evolving demands of the labor market.

Leadership Team

Dr. Shay David serves as the CEO of retrain.ai. He is widely recognized as a co-founder of Kaltura, a leading video enterprise solution, which initially gained prominence at TechCrunch’s inaugural conference in 2007.

Isabelle Bichler-Eliasaf holds the position of COO, and Avi Simon is the company’s CTO.

Vision for the Future

According to Dr. Shay David, the pace of change in the workforce has accelerated dramatically, especially due to the impact of COVID-19. He stated, “Unemployment and underemployment is going to affect a billion people globally in the next few decades.”

Retrain.ai aims to assist 10 million workers in finding suitable employment by 2025. The company also intends to support organizations in effectively managing the ongoing transformations within the labor market.

Square Peg’s Investment

This investment in retrain.ai represents the first deployment from Square Peg’s new $450 million fund. The venture capital firm has a strong track record, with previous investments in companies like Canva, Stripe, Fiverr, and Airwallex.

Square Peg’s backing underscores the potential of retrain.ai to address the challenges and opportunities presented by the rapidly changing world of work.