Kanarys Closes $1.5 Million Funding Round

DALLAS, Nov. 19, 2019 /PRNewswire/ -- Kanarys, Inc., the first technology platform that fosters collaboration between companies and employees on diversity, equity and inclusion (DEI) in the workplace, secured $1.5 million in its first round of funding, which closed November 7, 2019.

"We are grateful for the support of our vision to build workplaces where everyone belongs," said Mandy Price, chief executive officer and co-founder of Kanarys. "It is time for companies to become more strategic when it comes to inclusion by taking a data-based approach. Kanarys allows companies to move beyond ineffective DEI initiatives and check-the-box programs, and truly build a workforce that values unique perspectives and is welcoming and representative to all.  An inclusive culture is not only the right thing to do, it is essential if companies want to acquire and retain talent, build employee engagement and improve business performance."

Studies show that less than 30% of underrepresented employees feel connected or heard in the workplace and unfair treatment was cited by nearly 40% of underrepresented employees as a major factor for their departure from a company, costing companies as much as $144,000 per employee in attrition costs annually.

"We created Kanarys to change those statistics and workplace culture," said Star Carter, chief operating officer and co-founder of Kanarys. "By relying on company-specific data and analytics, rather than solely on online reviews or a gut feeling, organizations can use Kanarys to make informed strategic decisions to tackle equity and workplace fairness issues."

The funding will be used to grow the company's business development and sales team, as well as expand the technical and analytics team.

The Kanarys platform, which launched to the public in July of this year, enables employees to anonymously share feedback on their companies' DEI initiatives to help companies address potential areas of opportunity. Employees rate their company on five key metrics and subsequently answer a series of DEI-focused questions that incorporate AI and machine learning technologies. Kanarys works with a number of corporate clients to provide anonymized and aggregated data and analytics and DEI metrics that allow clients to benchmark their DEI efforts internally over time as well as against industry competitors. Utilizing the in-depth analytics provided on the platform, Kanarys then assists clients with implementing solutions that create a more inclusive environment for employees.

Kanarys has also secured a number of strategic partners, including the University of Texas at Austin, National Urban League and Spectrum Knowledge.  

For more information about the Kanarys platform, visit www.kanarys.com.

SOURCE Kanarys, Inc.