Workday Ventures also participated in the round
San Francisco, Calif. - Oct. 8, 2019: Utmost, the first Extended Workforce System, today announced it has raised $11.2 million in Series A financing ahead of the public release of its new product, Utmost Extended Workforce. Greylock Partners led the investment with participation from Workday Ventures.
Utmost is building solutions for the enterprise and its extended workforce – from temporary workers to consultants, vendors, freelancers, contractors and more – to seamlessly and efficiently work together. The software is designed with extended workers in mind, enabling them to have control of their data and transparency into their work history, independent of traditional employment relationships.
Almost 80 percent of chief human resource officers see a greater use of contingent non-traditional employees as one solution to future worker and skill shortages, according to the C-Suite Challenge 2018 Survey from The Conference Board. In addition, Staffing Industry Analysts estimates total global spend for the non-traditional workforce reached $4.5 trillion in 2018. Despite this growing demand, Deloitte’s 2019 Human Capital Trends report estimates that less than one in 12 enterprises have established processes to manage this population.
Utmost Extended Workforce enables companies to gain visibility of their extended workforce. With Utmost, both managers and extended workers have an intuitive workflow – instead of spreadsheets and siloed legacy systems – to manage onboarding and offboarding, and the entire worker lifecycle. In addition, companies can use Utmost to help ensure compliance with corporate policies and complex employment regulations related to the extended workforce.
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 of 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.”
Greylock Partners has previously worked with O’Toole as an early investor in the software startup Cape Clear, which was acquired by Workday in 2008. Sarah Guo and Saam Motamedi from Greylock Partners sit on the Board of Utmost along with Mike Stankey, vice chairman at Workday.
“Annrai, Dan, and Paddy are a customer-centric and experienced team of technologists uniquely poised to tackle this growing shift in the way people work,” said Sarah Guo, partner at Greylock. “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. Utmost is a cloud solution for the modern, flexible enterprise, and offers a worker-centric approach to manage this population that enterprises previously lacked.”
Utmost is a software company that built the first Extended Workforce System which helps enterprises engage their contingent workers, freelancers, contractors, temps, outsourced resources, and consultants. With Utmost, enterprises gain full visibility into their extended workforce which enables data-driven decisions across HR, Procurement, Finance, IT and lines of business.The software enhances the productivity of extended workers, hiring managers, HR partners and staffing firms all while ensuring compliance. For the extended workforce, Utmost offers better transparency, improved experience, and direct solutions for them to more effectively participate in the new world of work.