Fore Enterprise is emerging from stealth with a previously unannounced cache of seed funding. The Brentwood-based data analytics company uses artificial intelligence to predict employee-turnover risks and attrition costs to help employers improve staff retention and reduce costs associated with turnover.
Fore has raised $4 million of seed funding and said it’s anticipating a series A funding round later this year. Chief executive and founder Tyler Hochman said the company expects to achieve profitability by the end of the year, supplemented by new corporate contracts worth $5 million in revenue.
Fore has been operating in stealth since 2022 and stated that its company-specific data analysis can help employers understand reasons for turnover and how their company’s bottom line will be affected. Hochman said that its services are additionally useful to private equity firms that are evaluating new investments or acquisitions and want to know how employee retention will impact a company’s valuation.
“Most data analytics companies only provide company-specific analytics based on the client’s historical corporate data,” Hochman said. “We offer both external and internal benchmarking services. Our analytics incorporate macroeconomic trends, specific demographic research and regional research … through causal analysis, we can evaluate which intervention measures are working and recommend better interventions that target the real root of the problem.”
Hochman added that Fore’s analytics tools can also be used to evaluate and improve diversity, equity and inclusion metrics, such as gaps in pay and career-advancement opportunities. Fore currently works with about 20 clients, including Santa Monica-based nonprofit Step Up Tutoring and Oglethorpe Inc., which operates a network of hospitals and mental centers in Florida, Louisiana and Ohio.
“We’re thrilled to be signing several new corporate clients as our company emerges from stealth mode,” Hochman said. “These new contracts mean that Fore Enterprise will generate at least $5 million in revenue, and we anticipate additional growth in the coming months. We’re forecasting $5 million to $10 million in revenue this calendar year, ensuring Fore’s profitability.”
Fore’s newly disclosed financing includes $3.25 million of seed funding from 2022, as well as another $750,000 seed investment that closed this month to expand the company’s runway. West Hollywood-based Trousdale Ventures Management LLC participated in both seed rounds. Trousdale’s portfolio includes local companies such as Torrance-based manufacturing technology company Divergent Technologies, Hawthorne-based Space Exploration Technologies Corp. and Pasadena-based customer success platform Update Technologies Inc.
“We’re focused on marketing, education and research and development to build new revenue streams,” Hochman said. “Coming out of stealth, we developed sophisticated multifaceted algorithms, and we’re aggressively marketing those capabilities to different clients and verticals … most companies don’t know the true costs of turnover. We intend to educate corporations on their unique and specific turnover costs so they can see the value of a service like ours.”
