US CultureTech platform, Emtrain has raised $US8 million in funding, with the company citing increasing demand as the global pandemic creates new workplace culture challenges.
Education Growth Partners (EGP), a private equity firm seeking to provide growth capital to high potential human development and workplace companies, led the funding round.
New York-based, Signature Bank served as Emtrain’s banker and provided a $US2 million facility to complement the equity investment.
Emtrain says the data-driven online workplace culture platform aims to help companies diagnose, benchmark and prevent bad workplace culture outcomes, with the new funding being used to expand the platform to provide on-demand monitoring and analysis of key workplace culture indicators.
Emtrain CEO, Janine Yancey says traditional compliance training methods are not adequately targeted and fail to yield deep insight into potential issues.
“US businesses spend five billion dollars each year on compliance training without getting real business value; no business intelligence, no benchmarking, no evidence of behaviour modification, nothing but a completion certificate,” Yancey says.
“Business leaders are increasingly demanding business value from these programs and a way to solve behavioural problems before they turn into bad outcomes.
“Emtrain uses data, analytics, and benchmarking to show companies where they are vulnerable and how to address their hot spots in a proactive way.”
The company says the recently launched Emtrain.ai training platform has collected more than seven million employee sentiment responses about core culture indicators, such as power dynamics; in-group/out-group dynamics; unconscious biases and other indicators that Emtrain says correlate with a higher risk for bad culture outcomes.
EGP Managing Partner Peter Campbell says Emtrain is at the forefront of a fast evolving market.
“Janine Yancey and her team have developed their predictive frameworks and data sets over 15 years, and have now built a breakthrough product that anticipates where the market has moved,” he says.
“We’re excited to add considerable capital and our expertise in learning and behavioural change to Emtrain as they change the way employers and employees interact to prevent harassment, bias, ethical lapses and other bad culture outcomes.”
Emtrain’s platform is used by companies, including Netflix, Yelp, Dolby and LiveNation.