Exciting News for Praisidio
We're proud to share three major announcements from Praisidio, today. First up is the closing of a $4M venture round led by SignalFire, including new investors SemperVirens and 1 Flourish, along with participation from early investors Storm Ventures and Morado Partners. This brings our total funding to $5.5M, to date.
Next, we’re excited to introduce new, game-changing Procaire functionality. In the current work-from-home paradigm, 65-85% of employees take less than one day off in a given six month period. Compounded by realities like many employees having fewer than 20 hours a week to focus (outside of meetings, meeting prep, and other interruptions), burnout, disconnection, and resulting attrition have run rampant. Better tools are clearly needed to achieve effective employee care. Procaire Compare offers hidden insights like bias detection, Procaire Auto-Group Generation reveals talent risks through advanced AI inspection and Procaire Tasks enables HR executives to select, assign, and track specific employee retention actions.
Finally, we’re launching a free Praisidio benchmarking service at https://praisidio.app/try/procaire allowing potential customers to quickly experience the benefits of Procaire by uploading an anonymized spreadsheet and immediately receiving a benchmark that assesses organizational insights, compensation equity, or D.E.I. equity.
As hybrid work policies and other attractive benefits target skilled, essential employees, retention has become a desperate issue. Already a $1T problem in the US, employee attrition is forecasted to surge over 40% in the next few months. Work performed in a hybrid setting means an all-time low of talent visibility, a challenge compounded by other key initiatives, such as better caring for diverse employees at scale.
Attrition impacts all aspects of a business including operations, growth, profit, culture, branding, and ultimately value or market capitalization. On top of that, the SEC recently issued directive S-K 101(c), requiring public companies to report material HCM metrics. It's clear that talent risk is an enterprise risk that boards, CEOs, and the C-suite can't afford to ignore. Current employee retention strategies simply haven't done enough; Human Resources professionals need new, better tools to protect and proactively care for their employees.
How we solve this
Procaire by Praisidio is a talent risk management platform that distills critical, actionable insights from an enterprise's existing, untapped metadata while respecting personal privacy. A real-time, AI-driven, software-as-a-service (SaaS) tool, Procaire processes communications, and business systems metadata using machine learning algorithms to help managers visualize, understand, and act on worrisome trends affecting teams and individual employees.
Praisidio already helps multiple enterprise customers in the technology, life sciences, and healthcare sectors. More than 10,000 employees are currently being cared for through Procaire's critical insights and retention actions. On average, our customers have achieved four-digit ROIs and sub-weekly payback periods; in other words, every dollar invested in Procaire translates to 50 dollars in savings over a year with the platform.
By using Procaire to identify key influencers within their organization, a large enterprise tech company was able to address hidden talent risk and preempt devastating "follower" attrition.
Leveraging Procaire’s bias detection, a large enterprise customer identified and mitigated attrition risk, saving 9 diverse employees that were simultaneously underpaid and overdue for promotions.
A life science company implementing Procaire was able to pinpoint, prioritize, and facilitate care for key, diverse employees who were overworked, under-compensated, and felt disconnected from management.
Why we’re the right team
Between co-founders Vahed Qazvinian, and Ken Klein, Praisidio counts over 50 years of experience in machine learning and enterprise risk management. Vahed holds a Ph.D. in computer science, working with tech giants such as Microsoft Research and Google, where he was a key member of the search ranking team for four years. He followed that role with a four-year stint as the co-founder of a Y-Combinator-backed legal tech firm.
Ken is a multi-time CEO who has served on 20 boards spanning public, private, PE, as well as VC-backed endeavors. His unique experience as a USC Trustee Chairing the Audit, Compliance, Risk, and Privacy committee has yielded unmatched insights into talent risk management.
This is personal
Both of Praisidio's co-founders have felt the pain and consequences of attrition and pre-attrition affecting them and their esteemed colleagues. Vahed once witnessed seven of his coworkers resign over a short period of time, following a “high influence” team member out the door. The team's primary project was canceled shortly thereafter and, at a loss, Vahed departed himself.
As a CEO, Ken has experienced the cultural and fiscal impact of damaging attrition, despite multiple remedial approaches including HRBP meetings, 1-on-1 skip-level meetings, office hours, surveys, and beyond. Ken and Vahed's shared adversity drove them to found Praisidio with the mission to drastically improve employee work-life and protect enterprises from the ravages of employee attrition.