Utmost raises $11.2m from venture capital firm Greylock Partners
9 October 2019 | 0
Utmost has raised $11.2 million (€10.2 million) in funding from venture capital firm Greylock Partners. Securing the series A financing precedes the release of the software company’s new solution; Utmost Extended Workforce.
An extended workforce includes non-employee workers such as consultants, contractors, freelancers or vendors. These contingent workers are recruited for project-specific skills but are not direct employees of a company.
Despite growing demand, Deloitte’s 2019 Human Capital Trends report estimates that less than one in 12 enterprises have established processes to manage these workers. According to research from The Conference Board, 80% of chief human resource officers see a greater use of contingent non-traditional employees as one solution to future worker and skill shortages.
Utmost Extended Workforce enables companies to gain visibility of their extended workforce. With Utmost, managers and extended workers have an intuitive workflow to manage on-boarding, off-boarding, and the worker life-cycle. Additionally, the solution can help to ensure compliance with corporate policies and complex employment regulations related to the extended workforce.
The company said the software was designed to better enable extended workers to “have control of their data and transparency into their work history, independent of traditional employment relationships.”
Utmost is also building solutions and partnerships specifically for extended workers across health, wealth, and administrative services so they can better participate in this shifting economy.
“With hundreds of millions of extended workers engaged with companies today, there is an undeniable shift happening, yet it is clear that businesses need new, seamless solutions to transparently manage this population,” said Annrai O’Toole, co-founder and CEO, Utmost.
“We want to make a difference – we are leading the charge by creating the first software system that helps companies and the extended workforce work together.”
Utmost was founded by Irish tech entrepreneur Annrai O’Toole, Paddy Benson and Dan Beck in 2018. It has offices in Dublin and San Francisco.
“Companies in every sector engage with an extended workforce, but the rigid and clunky systems used to manage that workforce are stuck in the past,” said Sarah Guo, partner at Greylock. “Utmost is a cloud solution for the modern, flexible enterprise, and offers a worker-centric approach to manage this population that enterprises previously lacked.”
The investment was led by Greylock Partners with participation from HR platform Workday Ventures. Both O’Toole and Beck are former executives of Workday Inc. Greylock Partners has previously worked with O’Toole; it was an early investor in Cape Clear, a software start-up that was acquired by Workday in 2008. Sarah Guo and Saam Motamedi from Greylock Partners sit on the board of Utmost. As does Mike Stankey, vice chairman at Workday.