Compa raised $35 million in a Series B funding round for its artificial intelligence (AI)-powered enterprise compensation platform.
The platform helps companies compete for top talent by enabling them to learn what their peers in the market are paying in salary, equity and incentives, Compa said in a Jan. 26 blog post.
In addition, the platform’s AI helps users gain insights and surface risks from this data, according to the post.
These capabilities provide greater precision and consistency than the backward-looking annual compensation surveys and spreadsheets enterprise companies have traditionally used to determine pay, per the post.
“Compensation teams are responsible for managing multi-billion-dollar portfolios in volatile markets,” Compa Co-founder and CEO Charlie Franklin said in the release. “With stakes this high, adopting AI to help compensation experts make smarter decisions is an essential competitive mandate.”
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Compa will use the new funding to support its continued growth and scale this solution to more enterprises, according to the post.
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Tarun Guptapartner at Jump Capitalwhich led the funding round, said in the release that AI is most effective when it is applied to specific decisions and that compensation is one of an enterprise’s biggest decisions.
“We invested in Compa because it pairs high-quality, real-world compensation data with a disciplined approach that Fortune 50 companies already rely on and trust,” Gupta said. “That combination gives decision-makers far better visibility and control over how pay decisions are made.”
Compa said in July that it extended the capabilities of its platform by adding a product called Compa Frontline that provides real-time hourly worker compensation data down to the zip code level. Compa Frontline enables enterprise compensation teams to determine competitive pay for frontline rolls.
“Frontline workers make up a massive portion of our economy, yet compensation teams have never had access to market data that accurately reflects market shifts,” Franklin said at the time in a press release.
Also in July, Compa completed an integration with Workday’s Human Capital Management (HCM) system. Compa said this connection helps compensation teams with their pay decisions by giving them access to real-time employee benchmarks and stock data.
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