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In response to "unprecedented demand" for its proprietary algorithm to track cultural diversity and sentiment within organisations, Melbourne-based Diversity Atlas has raised $6 million in a bridging round from Canada's Gener8.VC.
Diversity Atlas was spun out of not-for-profit Cultural Infusion, which was founded by Peter Mousaferiadis in 2002 with the goal of building global harmony through intercultural action such as cultural programs for schools, businesses and governments, including the "Discovering Diversity" education program delivered to more than 350,000 students annually.
Working with experts in computer science, cultural anthropology and organisational theory, the not-for-profit collaborated with the Australian National Commission for UNESCO, the Australian National University and the Dialogue of Civilizations to design a survey platform to measure and better understand diversity in all its complexity and intersectionality.
Based on this extensive research and development over the course of seven years, Diversity Atlas was formed in 2019 with the largest dataset of its kind including more than 45,000 human identity data points.
Customers that have found value in the platform include the World Food Programme (WFP) and Amazon Web Services (AWS), the latter having recently launched its first 'Inclusion Playbook' that promotes the use of Diversity Atlas as a first step to inclusion.
The company's platform gives business leaders and key stakeholders access to normalised data that can be used to assess the diversity profile within their company, drive organisational change, improve employee engagement and reach Environment, Social Responsibility and Governance (ESG) goals.
With the latest funding boost, Diversity Atlas expects to double its team to support high-growth and its expansion into new markets, particularly in the European Union and North America.
"We are excited to officially announce this funding round, to support the high-growth period we are currently experiencing at Diversity Atlas," says CEO and founder Peter Mousaferiadis, who began his career as a conductor and has become a renowned leader globally in the field intercultural innovation.
"Diversity in the workplace has never been more relevant, and having robust data allows companies and organisations, big and small, to make intelligent decisions and foster sustainable growth for their company and team," says Mousaferiadis, himself a recipient of the United Nations Alliance of Civilizations Intercultural Innovation Award.
The company emphasises that its platform facilitates numerous benefits for users, from talent retention and acquisition to fostering a positive public image and communications to achieving greater market relevance.
"At Gener8.VC we are focused on investing in the changemakers of tomorrow. Diversity Atlas is a great example of how data can foster a positive work environment to support positive economic growth," adds Gener8.VC founder Kurt Menzies.
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