Retrain.ai is an Israeli startup that uses AI and Machine Learning to offer what it calls a Talent Intelligence Platform. Retrain.ai closed a $9M Series A round of investment led by international fund Square Peg. The new funding comes after the company held a $4 Million Seed Round in September 2020.
The company has also just signed its first major deal with the Israeli Department of Labor which will be using retrain.ai to help flatten the national unemployment curve.
Founded in 2020, retrain.ai is a talent-management platform for Enterprises and Government Agencies to assess their workforce’s knowledge, qualifications, and skills, using artificial intelligence and machine learning, enabling them to retrain, recruit, and retain workers faster and more accurately than ever before. Retrain’s AI models “captures skills shifts cycles and predicts the Jobs-of-the-Future, allowing employers to understand better which skills are emerging, evolving and expiring.”
Just because an employee does not work out in one role does not mean that he is not suited for your organization. The person may have the skills and qualifications to fill a different role. Or maybe someone lost their position with a company due to cut backs. There might not be a similar role to fill with another firm, but this person could be retrained to do something else if he has the appropriate skills and experience.
This is all especially important to understand today given all of the people who lost their jobs due to the Coronavirus pandemic.
Retrain was selected by the Israeli Department of Labor and JDC-Tevet, Israel’s leading social R&D organization, to spearhead a national data project as part of accelerating the recovery of the economic downturn due to the pandemic and apply next generation technologies to map at and help integrate millions of people into the changing world of work, effectively flattening the unemployment curve.
“After successfully building Kaltura, a category-leading video platform company, I knew my next company should address one of the biggest challenges we are facing today, the skills gap,” said co-founder and CEO, Dr. Shay David. “What was once the regular tide of change in the workforce has evolved into a tsunami, especially pronounced by COVID-19 and its huge impact on the labor market. This has been a wake-up call. Unemployment and underemployment is going to affect a billion people globally in the next few decades. Our vision is to help 10 million workers get the right jobs by 2025 and help organizations navigate efficiently through the wave of change.”