People analytics company Peakon has collected $22m in its latest funding round led by Balderton Capital.
Participation to the round also came from the company’s existing investors: EQT Ventures fund, Idinvest Partners, and Sunstone. As part of the investment, Balderton Capital managing partner Bernard Liautaud will join the company’s board of directors.
Launched in 2016, the platform uses machine learning technology to drive employee satisfaction to boost engagement and retention, by understanding and addressing issues. Some of the offerings include data protection and security, performance measuring, action planning, data analytics, and employee engagement, among others.
Industries using the technology include financial services, government and public sector, technology startups, retail, manufacturing and charities, among others. For financial services, Peakon’s GDPR compliant platform can help institutions ensure the protection of their data and help to promote and manage compliance.
The EU General Data Protection Regulation is enforced from May 2018, and while every EU-operating business must be compliant, many still are not. The company claims to put ‘security, privacy and data protection at the core of its product.’ Peakon is fully certified as GDPR compliant, and claims to constantly strive to go above the minimum regulatory standards.
Peakon co-founder and CEO Phil Chambers said, “We’ve taken huge steps forward across the whole business in the last twelve months – rounding out the team with senior hires, driving product satisfaction to record levels, increasing revenue by over 600%, and launching in several new markets – and felt like this was time to double down on our global expansion.
“Not only have we established ourselves as a leader in the people analytics market, we’ve also emerged as one of the fastest growing SaaS startups in Europe.”
Earlier in the year, Balderton Capital led a $1.2m round to the newly-launched on-demand insurance provider Dinghy. Late last year, the firm closed its sixth investment vehicle on $375m to invest in technology companies across Europe.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
