London (UK), June 2017 - Qlearsite, a British HR-technology company that builds "people-analytics" software used for advanced statistical analyses of employee data, has announced that it has raised $7.7m with Summa Digital, the big-data platform recently established by Summa Equity.
Funds from the investment will be dedicated to extending the machine-learning capabilities of Qlearsite's technologies, as well as accelerating recruitment of key appointments to their London team. Plans include a move to a new, larger office to accommodate Qlearsite's expected growth.
Qlearsite is the pioneer of "Organisational Science", a proprietary approach to people analytics, and a set of machine-learning technologies that are used by some of the world's best-known employers to improve their organisations and working practices.
"We believe that people analytics will be the single biggest enabler of competitive advantage for any modern business. Successful companies will scientifically optimise their organisations so that the people who work in them are happier, more productive, and deliver better customer service. Qlearsite has spent the last few years building the foundational technology to enable this vision," said, Alex Borekull, co-founder of Qlearsite.
Alongside the investment, Qlearsite will be working with Summa Digital to build meaningful links with other big-data-analytics-portfolio companies and other experts. Christian Melby of Summa Equity has joined the Qlearsite Board, alongside Ivar Kroghrud, a successful serial entrepreneur and investor.
Christian Melby, partner at Summa Equity, said, "Hiring the right people and making them thrive is a key value driver and crucial for the performance of any business. Companies worldwide are becoming increasingly aware of this strong connection between commercial success and proper management of employees, and thereby the value potential in being able to perform proper analysis on HR data. Qlearsite is at the forefront of this movement."
Qlearsite's technology is capable of analysing "any and all" employee data, including the unique ability to incorporate unstructured, text-based data, into powerful automated statistical models capable of predicting future employee behaviours.
Qlearsite software has in-built knowledge of employee data and incorporates the latest advances in machine-learning research. As a result, Qlearsite provides far deeper and more sophisticated people-analytics insights, with a significantly faster time to setup than previously possible.
Partnering with some of the world's best-known employers to apply its Organisational Science approach and set of technologies, Qlearsite has helped its customers to improve working conditions, lower employment costs, and increase productivity.