Talent management software producer Cornerstone OnDemand and law firm Wilson Sonsini Goodrich and Rosati have backed an $8.6m series A round for US-based talent development platform Rallyteam.
Venture capital firms Norwest Venture Partners and Storm Ventures co-led the round. Cornerstone Innovation Fund, the strategic investment arm of Cornerstone, had previously provided Rallyteam with an undisclosed amount of seed funding in 2015.
Rallyteam has developed a software platform that helps companies better utilise their employees’ talents and keep them in engaged by automatically matching them to projects and tasks to which they are best suited.
The company is currently working with e-commerce marketplace eBay to roll out its platform companywide following a successful test phase. The series A funding will support its growth and development.
In addition to raising capital, Rallyteam has also secured places in software provider Microsoft’s and telecommunication firm Orange Silicon Valley’s accelerator programs.
David Somers, Rallyteam’s CEO, said: “Turnover is one of the greatest challenges facing employers today and the lack of internal opportunities for growth and development is a major contributor.
“Cutting-edge organisations understand the value of talented employees and are beginning to put as much effort into developing those employees as they put into recruiting them.”