State government fund manager Queensland Investment Corporation (QIC) has supported a $US41 million ($64 million) funding round for human resources technology and people analytics company One Model.
One Model has offices in Brisbane, Austin, Texas, and London and two of the company’s three co-founders − chief technology officer Matthew Wilton and chief operating officer David Wilson − are based in Brisbane.
California-based international growth investment firm Riverwood Capital led the round which, according to One Model, was one of the largest in a human resources technology company, so far this year.
Other investors in the round included Existing investors, San Antonio, Texas, based The Geekdom Fund, and San Francisco Bay area based AV8 Ventures also supported the round.
Riverwood managing partner Francisco Alvarez-Demalde said: “In a world of increasing digitalisation, automation, technology innovation and complexity, making informed and timely talent decisions is fundamental to the success of any organisation. One Model’s platform makes sense of all HR data, providing employers with the right people analytics tools and insights in order to unleash the full potential of their workforce. With One Model, companies can identify, develop and retain talent and make better hiring and other HR-related decisions.”
One Model chief executive and co-founder Christopher Butler said: “This capital will allow us to maintain our growth trajectory and remain the innovation leader of the people and analytics domain. With our expanded resources we aim to empower HR and IT leaders to harness the true potential of their enterprise workforce data to drive significant business outcomes.”
The funding will be used to accelerate further development of OneModel’s core technologies and to develop a new machine learning and predictive analytics platform.
One Model won the Queensland Export Award in 2021 and was a finalist in the Australian Export Awards in 2022. The company’s customers include Colgate-Palmolive, which uses data from One Model’s platform to inform its executives on engagement strategies for its 34,500 employees globally to help achieve diversity, equity and inclusion objectives.
Image: One Model’s people analytics software is used by large enterprises and government agencies.