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Diversio, a company focused on ensuring workplaces are properly diverse, announced a Series A funding round of $6.5 million.
According to a report from TechCrunch, the funding round included investors from First Round Capital, Golden Ventures, and Chandaria Family Holdings. Previously, the company had raised $60,000 from angel investors and bootstrapping.
Laura McGee, co-founder and CEO, states that funding will be used to continue to expand the team, which currently has 35 employees, with offices in New York and London.
As for what Diversio does, the company uses AI, data, and first-hand experience to provide customers (currently 400 of them) with the software to ensure companies are reaching their DEI goals. DEI stands for Diversity, Equity, and Inclusion.
Instead of just looking at data sets to determine if a company is diverse, it focuses on making sure all employees are treated fairly and given the tools to succeed.
It does this through survey data from employees that is then sent through natural language processing (NLP) algorithms. From there, it serves that data to a recommendation engine that includes "1,600 validated programs and policies from around the world."
McGee tells TechCrunch that inspiration for the company came from her time doing diversity and inclusion consulting for corporate and government clients, but that many just didn't have the data to have a proper understanding of DEI.
She followed that up by stating, “From our perspective, this is a software solution. This has got to be something that companies use on an ongoing basis, is tied to business records and ultimately provides evidence-based recommendations.”
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