Letting the AI do the heavy lifting, Stockholm-based workforce management tool Quinyx has brought home $50 million in a new funding round led by Battery Ventures. The service offers employers the ability to automate, optimise and streamline their labor processes through a variety of tools, and the funding is slated to be used to further the company’s innovation and global expansion efforts.
Over the past year, Quinyx reports growth rates off the charts, due in part to the tremendous workload organisations face, particularly those in the gig-economy/hourly worker sector. A bumper crop for Quinyx indeed, as supply chain disruptions lead to supermarkets reporting empty shelves, and petrol tanks running empty, organisations have had to rethink how they not only handle labor-management but also the retention, and productivity of employees.
Founded in 2005, the Swedish startup has offices in the U.S., U.K, Australia, Sweden, Finland, Germany, Norway, Denmark, and the Netherlands, and its services are currently in use by major labels including McDonald’s, Domino’s, Oatly, Well Pharmacy, Maersk, Sysco, Virgin Atlantic, Palace Entertainment, IHG, Rituals, Swarovski, Odeon Cinemas Group, and DHL.
“The pandemic has fundamentally altered when and where the workforce wants to work, while covid-related obstacles have added to the challenges organizations face,” commented Quinyx founder and CEO Erik Fjellborg. “Hourly workers and the companies employing them have always been at the centre of our product and everything we do. Our next-generation technology places us at the forefront of a market eager for innovation”.
In addition to Battery Ventures, Quinyx is backed by Alfvén & Didrikson and Zobito.
“Quinyx’s technology can’t fix the current labor shortage, but it can help employers—from retail stores, to supply chain, to hospitality companies—better manage the employees they have,” said Battery Venture’s Michael Brown.
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