Investment to further develop Olearsite's People Analytics, machine learning technologies and fund growth plans for a significant future expansion,
Qlearsite, a British HR technology company that builds People Analytics software used for  advanced statistical analyses of employee data, today announced that it  has raised
$7.7m with Summa Digital, the big data platform recently established by Summa Equity.


Funds from the investment will be dedicated to extending the machine learning capabil it ies of Qlearsite's technologies as well as accelerating recruitment of key appointments to their London team. Plans include a move to a new, larger office to accommodate Olearsite's expected growth.


Olearsite is the pioneer of 'Organisational Science'; a proprietary approach to People Analytics and a set of machine learning technologies that are used by some of the world's best known employers to improve their organisations and working practices.


"We believe that People Analytics will bethesingle biggest enabler of competitive advantage for any modern business. Successful companies will scientifically optimise their organisations so that the people that work within them are happier, more productive and deliver better customer service.
Olearsite has spent the last few years building the foundational technology to enable this vision," said, Alex Borekull, Co-Founder of Qlearsite.


Alongside the investment, Qlearsite will be working with Summa Digital to build meaningful links with other big data analytics portfolio companies and other experts. Christian Melby of Summa Equity has joined the Qlearsite Board alongside Ivar Kroghrud, a successful serial entrepreneur and investor.


Christian Melby, Partner at Summa Equity, said, "Hiring the right people and making them thrive is a key value driver and crucial for the performance of any business. Companies worldwide are becoming increasingly aware of this strong connection between commercial success and proper management of employees, and thereby the value potential in being able to perform proper analysis on HR data.
Olearsite is at the forefront of this movement."


OLEARSITE AND ORGANISATIONAL SCIENCE

Qlearsite's technology is capable of analysing 'any and all' employee data, including the unique ability to incorporate unstructured, text based data into powerful automated statistical models capable of predicting future employee behaviours.

Olearsite software have in-built knowledge of employee data and incorporate the latest advances in machine learning research. As a result, Qlearsite provides far deeper and more sophisticated People Analytics insights, with a significantly faster time to setup, than was previously possible.
Partnering with some of the world's best known employers to apply the Organisational Science approach and set of technologies, Olearsite has helped its customers to improve working conditions, lower employment costs and increase productivity.


OLEARSITE TECHNOLOGY APPLIED TO SURVEYING

Because of Olearsite's ability to read and understand language found in very large unstructured datasets, a new employee surveying offering will soon be launched.
Capable of benchmarking culture, motivation and other intangible assets, the surveying offering will enable employers to measure and optimise the 'soft skills' within their businesses.

Olearsite already provides surveying to selected large scale employers and is preparing for a wider market launch to employers of over 500 people beginning in June 2017.


FOUNDERS OF OLEARSITE, SAID:

Peter Clark, Co-Founder of Qlearsite, said, "People Analytics is an extremely fast grow ing HR disc ipline and if anything, that growth is setto accelerate. As the pioneers of Organisat ional Science, we are helping to define and push People Analytics to the furthest limits of what is computationally possible.
By placing the knowledge and techniques of Organisational Science within a set of intelligent technologies, we are making this extremely powerful analytical approach available to all employers who recognise the value of their people."


Alex Borekull, Co-Founder of Qlearsite, said, "This investment reflects the importance of People Analytics and its huge potential to transform businesses and organisations. At Olearsite we are working to make this essential discipline ubiquitous in all modern companies.
Summa Equity and their new Summa Digital big data platform share our vision andcanhelp us significantly accelerate our development. This investment allows us to grow and fulfil our ambitions."


CHRISTIAN MELBY, PARTNER OF SUMMA EQUITY, SAID:

"Olearsite is at the forefront of People Analytics with their Organisational Science approach, helping companies to get a deep understanding of what influences their organisation, its people and how to improve performance. Their solution is state of the art within this field, and allows users to perfo rm complete analysis that answers the most critical questions for any organisation. The products have proven to be highly competitive, providing important insights that allow customers to make the right priorities in creating stronger organisations, thereby gaining competitive advantages and avoiding unnecessary costs."
For Further information, please contact:
Qlearsite Organisational Science hello@qlearsite.com
Peter Clark, Founder , Qlearsite, +44(0)77 8866 5434 ,peter.clark@qlearsite.com
Alex Borekull , Founder, Qlearsite, +44(0)78 8779 1645
Christian Melby, Lead Partner , Summa Equity, +47(0)958 13 277, christian.melby@summaequity.com