Retrain.ai secured $13 Million in Series A funding round

Retrain.ai, a platform that uses Artificial Intelligence and Machine Learning to help organizations upskill and retrain and place professionals in new roles, has now secured a $9 million Series A funding round.

retrain.ai is founded by Dr. Shay David and Avi Simon. The platform tackles the skills gap problem by analyzing millions of data sources which includes corporate data and government statistics. in order to capture business growth drivers, skill shifts cycles, and analytical skills and predict the 'Jobs of the Future', which allows employers and employees to understand which skills are emerging, evolving and expiring.

Retrain.ai, co-founder and CEO, Dr. Shay David, said, "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. 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."

Paul Bassat, co-founder and Partner at Square Peg, said, "The world is on the brink of the biggest disruption to labor markets since the industrial revolution, brought on by changing business models and artificial intelligence. The retrain.ai team has built a ground-breaking platform that will help individuals and organizations manage the required transformation at scale. We were impressed by the team's experience building and scaling companies and are excited to partner with their talented team on their mission to close the future skills gap."

The Square Peg led the latest funding round. Previously company secured a $4 million seed round in the month of September 2020, which was backed by Hetz Ventures.

Retrain.ai has also signed its first deal with the Israeli Department of Labor to flatten the national unemployment curve.

The company as of now has plans to use the new funds to accelerate growth and to expand its team.