A Melbourne-based data analytics startup that offers companies unique insights into diversity and employee engagement has raised $6 million in fresh funding from Canadian funding platform, Gener8 VC.
Diversity Atlas was founded in 2019 and grew out of Cultural Fusion, a company founded by prominent diversity advocate Peter Mousaferiadis to deliver educational and creative experiences.
The Diversity Atlas platform was developed over seven years by a team of data engineers, anthropologists and subject matter experts to provide companies with trustworthy and granular data about their teams.
The platform’s dataset – which includes more than 45,000 human identity data points – is used alongside the startup’s proprietary algorithm to track cultural diversity and sentiment within a company.
In turn, this provides a company’s leadership with insights that can be used to improve employee engagement, initiate organisational change and meet environmental, social and governance (ESG) goals.
The new funding from Gener8 VC represents the first external funding for Diversity Atlas, which previously received seed funding from Cultural Infusion to develop the product, and is being described as a pre-Series A bridge funding round.
But the startup did say it comes after “unprecedented demand” for the platform, which has recently been recognised as the first step to inclusion in the AWS Inclusion Playbook.
“We are excited to officially announce this funding round, to support the high-growth period we are currently experiencing at Diversity Atlas,” said founder and CEO Peter Mousaferiadis in a statement.
“Diversity in the workplace has never been more relevant, and having robust data allows companies and organisations, big and small, make intelligent decisions and foster sustainable growth for their company and team.”
Diversity Atlas employs a team of 35 and expects its headcount to double as it expands further into new markets in Europe and North America.
To date, the platform has been used by businesses and organisations in more than 40 countries, including in North America, the Asia Pacific, Europe, and the Middle East and North Africa (MENA) region.
The size of the companies to have used Diversity Atlas range from SMEs with 50 employees to massive global organisations, including Amazon.
Gener8 VC founder Kurt Menzies described Diversity Atlas among the “changemakers of tomorrow”.
“Diversity Atlas is a great example of how data can foster a positive work environment to support positive economic growth,” he said in a statement.
News Editor
Prior to joining SmartCompany, Eloise was news editor at Books+Publishing, the trade press for the Australian book industry. Eloise has degrees in media and communications, marketing and business management, and political science. You can follow her on Twitter at @ellykeating.
