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Learnsoft bags first external financing to expand its corporate upskilling platform – Technology Flow

In the corporate sector, upskilling (teaching employees additional skills) and reskilling (training employees in completely different skills in preparation for a new role) are being prioritized across organizations, fueled by various pandemic-fueled resignations. And retaining top talent is essential. According to a recent report from the Society for Human Resource Management, more than half (52%) of US employers now offer skills training, while 73% offer initial skills training to help workers perform their current jobs. Indeed, companies like JPMorgan, Accenture, and Verizon have launched high-profile, million- and billion-dollar programs designed to help upskill their workers.

So, it’s no surprise that the market for learning management systems — software that delivers training programs to workers — will reach $38 billion by 2027. Between February 2021 and February 2022, investors poured more than $2.1 billion into an assortment of companies. in the “skilling” space, according to Crunchbase data.

One vendor riding the wave is LearnSoft, which today announced it has raised $16.7 million in a Series A round led by Elsewhere Partners. Founded in 1987 by Brian Wachsberger, LearnSoft began as a consulting business selling onsite tech certification training. But when Learnsoft customers began requesting online learning solutions with compliance functionality, the company brought in Kishore Ambarkar as CTO to develop and launch a learning management system.

“Early Customers of LearnSoft [system] Healthcare systems, and the platform evolved naturally with diverse functionality specific to the sector’s compliance-based and instructor-led training needs,” newly appointed CEO Robbie Abt told Technology Flow in an email interview. “With the new funding, Learnsoft is fully focused on its software-as-a-service revenue management system and training management system platform.”

LearnSoft provides a configurable platform that is content and feature-agnostic and designed to integrate with existing third-party human resource systems. Using Learnsoft, companies can set training to happen automatically and track metrics such as accreditation, as well as generate proof of credentials and certifications for management reviews and audits.

Learn Soft

Image Credits: Learn Soft

One of Learnsoft’s unique capabilities is AI-based learning recommendations based on users’ current job positions. The platform creates a job position profile broken down into sections including requirements, skills and abilities, and performance, each of which may come with training courses. If there is a gap or if the algorithms find that the worker is interested in certain avenues as part of the talent development plan, the system allocates and recommends further training within the organization.

“It indirectly helps the organization with their future talent,” Abt said. “Traditional programs — and old-guard technology companies — don’t offer the ability to bring all training types into a single platform (eg, instructor-led, digital), and lack the features necessary to keep learners and workers engaged. Content.”

Rivals like LearnUpon, WorkRamp and Go1 certainly beg to differ. But Abt points to Learnsoft’s growing customer base as evidence that the company is successfully standing out from the crowd. LearnSoft currently serves 19 customers focused on healthcare and government, including the American Heart Association, Iowa Veterans Home, Kansas Homeland Security, MineHealth and the Missouri Department of Natural Resources. Abt claims the company was profitable “from the start” — and remains.

“We typically come up against broader training players like Cornerstone, Oracle, Workday and other enterprise LMS solutions, but they can’t offer the same level of industry-specific, compliance-ready solutions that we can,” Abt said. “Legacy human resource technology players do not offer software-as-a-service-ready platforms that meet the needs of compliance-heavy industries such as healthcare and government in a user, instructor and leadership-friendly manner.”

According to Abt, the bulk of the new cash from Series A – LearnSoft’s first external round – will “more sophisticated” go-to-market strategy and expand sales and marketing efforts, as well as fuel product development. As part of that last bit, Learnsoft plans to launch an app in the coming months to improve the experience on mobile.

Chris Pacitti, founder of Elsewhere Partners, added in an emailed statement: “The relationship between employers and workers has changed dramatically in recent years due to pandemic pressures and the rise of the remote workforce. Companies that take a cookie-cutter approach to training and development pay the price when it comes to recruitment and retention… Both private and public sector organizations need their adaptability, along with the increased call for immediate employee needs and upskilling and reskilling opportunities. Learning systems and technology to meet changing compliance demands. Learnsoft has a proven approach, a technology stack and a superior client service model ready to scale.

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