Announcing our Investment in Praisidio
In a world where 95% of workers said they would consider a job change, 60% of workers are rethinking their careers overall, and more than 4 million people are quitting their jobs every month, employers are scared. With the proliferation of digital and remote work, the emergence of better people analytics infrastructure, and an immediate sense of urgency brought on by the pandemic, leaders have been forced to prioritize people risk as a critical business risk.
The convergence of technology, timing, and need is only one of the reasons why we are excited to announce our investment in Praisidio’s $4 million Seed financing led by SignalFire Ventures. Praisidio provides talent risk management software that leverages data from multiple sources (productivity software, workforce management, L&D systems, performance reviews, employee engagement, etc.) to identify employees experiencing burnout, bias, disconnection, or stagnation months in advance. The company is then able to recommend action to prevent attrition and originate new workflows to improve employee morale.
As Mita Mallick, Head of DEI at Carta, noted, “[Praisidio is] solving a problem that no one it seems has been able to crack for decades - why don’t we have better access to people data and [the] ability to track and be proactive about attrition?” Indeed, the problem of employee attrition may be top of mind amidst “The Great Resignation, but is not an unfamiliar challenge. HR leaders and executives have been grappling with the problem for years, forced to hack together a myriad of siloed solutions like employee engagement tools, surveys, and existing HCM solutions without any real way of confirming data or measuring results. Praisidio’s platform processes communications, development, and business systems metadata across an organization to provide a single pane of glass on employee retention actions.
With strong backgrounds in company building, leadership, and technology, as well as first hand experience with the challenges of team attrition, Ken Klein and Vahed Qazvinian are the perfect team to be tackling this problem.
We’re excited to partner with Ken, Vahed and the Praisidio team as they build new, better tools to protect and proactively care for their diverse workforces.