Workforce analytics company Visier raises $154M from Goldman Sachs to become Vancouver's latest tech unicorn
Visier has previously raised $117.5 million across four funding rounds, bringing the company's total funding to approximately $271 million.
Vancouver’s Visier has become the city’s latest tech company to pass a $1 billion valuation (unicorn status) after raising $154 million in an all equity Series E round led by Goldman Sachs.
Goldman Sachs joins existing investors Sorenson Capital, Foundation Capital, Summit Partners, and Adams Street Partners. Visier has previously raised $117.5 million across four funding rounds, bringing the company's total funding to approximately $271 million.
Why it matters: Visier co-founder and chairman John Schwartz said the partnership with Goldman Sachs underscores the fact that people analytics have become mainstream in the business world. He said, “This investment is key to establishing Visier as the independent global cloud platform for people-related business insights.”
When Burnaby-based Clio became the first legal tech company to achieve unicorn status, it was a first for legaltech globally. Similarly, Visier becomes the first independent vendor in the work analytics space to reach a $1.2 billion valuation.
Unicorn club: Visier joins Vancouver’s growing club of billion-dollar businesses created over the last seven months including Trulioo, Thinkific (public company), Clio, Dapper Labs, GeoComply, Galvanize (acquired by Diligent), and AbCellera (public company).
Details: Visier sells software to talent and HR departments that harness artificial intelligence to improve decision-making around people management. The company said it would use the funding to extend and accelerate product development and international go-to-market expansion, including hiring 100 workers in the next year, bringing its headcount to around 500.
This funding comes at a period of momentum for the Vancouver firm. The company recently announced passing the 8,000 customer mark, along with signing deals with Cegid, PeopleFluent and Degreed. Visier processes over 12 million employee records and is active in over 75 countries with customers like Adobe, Bridgestone, Electronic Arts and Uber.
The bigger picture: “There is unprecedented demand for companies to better understand the people within their organizations," said Ryan Wong, CEO of Visier. "From HR leaders to people managers and executives, having insight into a workforce is critical for delivering the right outcomes for the business, the employee, the customer, and a fair and just society."
Companies are in the midst of a swift and massive transformation due to the increased demand placed on organizations to better know, care for, and support their employees, while also driving the best possible performance for the business.
From SEC regulations requiring more data and transparency on diversity, equity and inclusion to the rapid shift to a remote workforce brought on by the pandemic, the need for people analytics has never been more pressing.
The money talks: "Access to information about employees and the health of an organization has never been more critical," said Holger Staude, managing director within Goldman Sachs Asset Management. "We're excited to partner with Visier at this pivotal moment and support the company's continued growth."
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