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Diversio focuses on AI-enabled diversity, equity, inclusion framework, gets $6.5M

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Diversio, a New York-based data-driven people intelligence platform that measures, tracks, and improves diversity, equity, and inclusion (DEI) for organizations, today announced it raised $6.5M.

Diversio claims it combines AI, advanced data analytics, and knowledgeable subject matter expertise to accurately diagnose an organization’s DEI pain points, benchmark against peers, and create robust action plans to improve diversity, equity, and inclusion.

Diversio founder and CEO Laura McGee told VentureBeat in a chat that the company developed a set of “inclusion metrics” that are academically validated to reflect an inclusive employee experience. McGee said its proprietary Inclusion Score framework includes things like inclusive culture, fair management, and a safe work environment.

McGee added that Diversio then developed proprietary natural language processing (NLP) algorithms that can identify “inclusion pain points” from employee free text, with 85-90% accuracy.

“This allows us to ask employees open-ended questions, have them share their qualitative experience, and translate that experience into hard numbers that can be tracked,” she said.

The Series A funding round was led by a group of investors including First Round Capital, Golden Ventures, and Chandaria Family Holdings.

Leading the charge in DEI analytics

Top reasons to deploy AI, according to HR industry experts, include cost effectiveness, increased accuracy in data-based decision making, and improved employee experience. HR leaders want employees to be satisfied with their work experiences, said Jackie Wiles in an article published on Gartner’s website.

The Gartner 2019 Artificial Intelligence Survey stated that 17% of organizations use AI-based solutions in their HR function and predicted that 30% will do so by 2022. Diversio claims it’s leading the charge in DEI analytics with a recommendation engine, which is a massive database of solutions the company has developed over the past four years.

“We’re able to identify specific pain points and then match clients to solutions with a high likelihood of success. This allows us to micro-target different groups within the organization to move from a ‘one-size-fits-all’ DEI strategy to something that is much more customized and effective,” explained McGee.

Diversio says companies can integrate its proprietary “six-part inclusion framework” into their existing HR data stack. Most of Diversio’s clients choose to run its solution outside of regular HR systems, said McGee. This allows employees to stay completely anonymous and increases their willingness to talk about their identity and experience, she said.

Not a lot of players

McGee said DEI is a new segment without a lot of established players — with the most common alternatives to Diversio’s technology being companies trying to collect data themselves. This often creates frustration and results in low quality feedback (and sometimes criticism) from employees, she said.

Diversio claims its solution is differentiated in the industry because its platform makes the data collection process simple and painless, and allows clients to benchmark their performance while receiving tactical solutions with a roadmap for success.

“We go beyond diversity to measure inclusion with a set of quantifiable metrics. This allows leaders to set targets and accountability for experience as well as representation. Second, we don’t just measure diversity and inclusion — our dashboard provides tactical and evidence-based solutions to improve. Finally, our team of experts works closely with clients to drive change. This unique combination of technology and expertise that’s had really meaningful results,” said McGee.

Diversio’s vision is to create a product that is accessible to companies at all stages of the DEI journey, from enterprise to SMBs. For now, the company says it is focused on three major segments: large enterprises, mid-market companies, and investors.

According to McGee, Diversio is getting increasing demand from investors, who see potential to improve portfolio company performance through diversity and inclusion at scale.

Expansion plans for 2022

On the heels of this additional capital, Diversio says it will invest heavily in R&D, working with academic partners to look at its public and private databases to identify what works — enabling the company to make the insights publicly available to practitioners and policymakers.

The company says it will also do the following:

  • Refine its NLP algorithm to enable it to recognize multiple inclusion pain points and quantify their severity.
  • Integrate machine learning into its solutions database to provide customized recommendations to clients.
  • Launch a database in Q1, 2022, in partnership with The 30% Club. The database includes companies listed on the S&P, NASDAQ, FTSE and TSX and provides each one with a Diversio score: a composite of diversity, inclusion and commitment that help investors to make investment decisions and assist companies to benchmark their performance.
  • Expand its dashboard to incorporate more types of diversity, as well as new engagement metrics.

Founded in 2018 by former Mckinsey consultant Laura McGee, Diversio has grown to having 400+ customers across over 35 countries globally — including leading organizations like Unilever, Pwc, Honda, Heineken, and Accenture. The company plans to double its current headcount of 35 by the end of the year.

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Identity in the metaverse: Creating a global identity system

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With the advent of the metaverse, the need for a global identity system has become apparent. There are many different ways to create an identity in the metaverse, but no single system is universally accepted. 

The challenge is usually two-fold: first, how to create an identity that is accepted by all the different platforms and services in the metaverse, and second, how to keep track of all the different identities a person may have.

There are many proposed solutions to these challenges, but no clear consensus has emerged. Some believe that a single, global identity system is the only way to ensure interoperability between different platforms and services. Others believe that multiple identities are necessary to allow people to maintain their privacy and security.

The debate is ongoing, but it is clear that the need for a global identity system is becoming more urgent as the metaverse continues to grow.

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In this article, we will explore the various options for creating a global identity system in the metaverse. We will discuss the pros and cons of each option, and try to identify the best solution for the future.

Option 1: A single global identity

The simplest solution to the problem of identity in the metaverse is to create a single, global identity system. This would be a centralized system that would be responsible for managing all identities in the metaverse. 

The advantages of this approach are obvious: It would be much easier to keep track of identities, and there would be no need to worry about different platforms and services accepting different identities. In addition, a centralized identity system would allow for better security and privacy controls, as well as the ability to track identity theft and fraud.

However, this approach also has several disadvantages. First, it would be very difficult to create a global identity system that is accepted by everyone. Also, a centralized system would be vulnerable to attack and could be used to track people’s movements and activities. Third, it would be difficult to protect the privacy of users in a centralized system.

Option 2: Multiple identities

Another solution to the problem of identity in the metaverse is to allow each person to have multiple identities. This would mean that each person could have one or more identities that they use for different purposes. 

One of the main advantages of this approach is that it would allow people to maintain their privacy and security. Each person could choose which identity to use for each situation, and they would not have to worry about their entire identity being exposed. In addition, this approach would be more resilient to attack, as it would be much harder to take down multiple identities than a single one.

The limitations of such an approach would be that it could be difficult to keep track of all the different identities, and there would be no guarantee that different platforms and services would accept all of them. In addition, multiple identities could lead to confusion and could make it more difficult for people to build trust with others.

Option 3: A decentralized identity system

A third solution to the problem of identity in the metaverse is to create a decentralized identity system. This would be an identity system that is not controlled by any one centralized authority but rather is distributed among many different nodes. 

This might seem like the ideal approach, since decentralization is a common theme in the metaverse. However, there are still some challenges that need to be overcome. For instance, it would need to be ensured that all the different nodes in the system are properly synchronized and that the system as a whole is secure. In addition, it might be difficult to get people to adopt such a system if they are used to the more traditional centralized approach.

One solution would be to get the nodes in the system to be run by different organizations. This would help to decentralize the system and make it more secure. Another advantage of this approach is that it would allow different organizations to offer their own identity services, which could be more tailored to their needs.

Another would be to incorporate an edge computing solution into the system. This would allow for more decentralized processing of data and could help to improve performance. It would also make the system more resilient to attack since there would be no centralized point of failure.

The best solution for the future of identity in the metaverse is likely to be a combination of these approaches. A centralized system might be necessary to provide a basic level of identity services, but it should be supplemented by a decentralized system that is more secure and resilient. Ultimately, the goal should be to create an identity system that is both easy to use and secure.

The ideal identity standards of the metaverse

Now that we have explored the various options for identity in the metaverse, we can start to identify the ideal standards that should be met by any future global identity system. 

It is no easy task to create a global identity system that meets all of the criteria, but it is important to strive for an ideal solution. After all, the metaverse is still in its early stages, and the decisions made now will have a lasting impact on its future. 

Current iterations of the metaverse have used very traditional approaches to identity, but it is time to start thinking outside the box. The ideal solution will be one that is secure, private, decentralized, and easy to use. It will be a solution that allows people to maintain their privacy while still being able to interact with others in the metaverse. 

Most importantly, it will be a solution that can be accepted and used by everyone. Only then can we hope to create a truly global identity system for the metaverse.

The bottom line on identity in the metaverse

The question of identity in the metaverse is a complex one, but it is an important issue that needs to be addressed. 

The challenges associated with creating an implementation that is secure, private and decentralized are significant, but they are not insurmountable. For one, it will be important to get buy-in from organizations that have a vested interest in the metaverse. These organizations can help to promote and support the adoption of identity standards. 

It is also important to keep in mind that the metaverse is still evolving, and the solution that is ideal today might not be ideal tomorrow. As such, it will be critical to have a flexible identity system that can adapt as the needs of the metaverse change. 

Ultimately, the goal should be to create an identity system that is both easy to use and secure. Only then can we hope to create a truly global identity system for the metaverse.

Daniel Saito is CEO and cofounder of StrongNode

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How to Eliminate Scheduling Inefficiencies in Your Business

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What do salons, consultancies, and home service providers all have in common? This question may seem like the prime setup for a joke, but there’s no punchline to look forward…

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Why You Should Start a Business Only While You Have a Job

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Opinions expressed by Entrepreneur contributors are their own.

Many people that I meet tell me that they dream of starting their own . I always ask them, “Then why don’t you?” They typically respond by saying that they have so many financial and personal responsibilities, that they can’t just quit their job to start a company, etc. Then I tell them my story …



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Related: How to Use Your Current Job to Start Your Next Business

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