AI-powered workforce management (WFM) platform Quinyx has raised $50 Mn (approx €44 Mn) in a fresh round of funding led by Battery Ventures. The recent round of funding brings Quinyx's valuation to $550 Mn and total capital to more than $89 million.
The money raised will be utilised towards hiring and product research and development.
Founded in 2005 by Erik Fjellborg, Quinyx has witnessed massive growth over the past year. According to the company, this growth reflects the demand for organisations hiring an hourly workforce to do more with less, as current shortages of staffing put a squeeze on businesses’ operations.
After companies were nudged into remote work model after the COVID-19 outbreak, many explored the opportunities to work with gig workers.
Erik Fjellborg, Founder and CEO of Quinyx, said, “The pandemic has fundamentally altered when and where the workforce wants to work, while COVID-related obstacles have added to the challenges organisations face. Hourly workers and the companies employing them have always been at the centre of our product and everything we do.”
Quinyx aims to address some of the challenges that gig and hourly workers face by simplifying scheduling, time reporting, communication, task management, budgeting, and forecasting.
The startup already works with companies like McDonald’s, Sysco, Domino’s, Maersk, IHG, and DHL and helps them improve productivity, drive business outcomes, and enhance the employee experience.
With offices in the US, the UK, Australia, Sweden, Finland, Germany, Norway, Denmark, and the Netherlands, Quinyx now focuses on accelerating further innovation and expansion.
In October 2020, Quinyx acquired Widget Brain, a startup that uses artificial intelligence to automate and optimise workforce scheduling. Quinyx leverages Widget Brain's solution to automate its labour optimisation process through Widget Brain’s AI-driven technology.
With the overall HR tech market rapidly evolving and growing, Quinyx has a great opportunity to take a leap in the gig workforce management space. In major markets in Asia Pacific, it competes with HR tech market leaders like SAP SuccessFactors and BambooHR. It also competes with other gig workforce management platforms like SnagAJob, Skedulo, Catalant, and Field Nation, among others.