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Investments

10

Portfolio Exits

2

Partners & Customers

10

About McKinsey & Company

McKinsey & Company is a global management consulting firm that serves businesses, governments, non governmental organizations, and not-for-profits. The company helps clients make lasting improvements to their performance and realize their most important goals.

McKinsey & Company Headquarter Location

55 East 52nd Street 21st Floor

New York, New York, 10022,

United States

212-446-7000

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Latest McKinsey & Company News

Investments needed to retrain workers to adapt to AI

Nov 29, 2021

Posted : 2021-11-29 16:05 By Kyle Wardwell Between 2016 and 2030, artificial intelligence (AI) and automation may displace up to 800 million workers globally, according to estimates and modeling done by McKinsey & Company. While that number sits at the highest end of estimates, it does paint a narrative of what immense transformations are already taking place, even further accelerated by the COVID-19 pandemic. The narrative of AI, rather automation, replacing human capital had long been prophesied by Karl Marx. While within business circles, the utterance of Marx in corridors may be seldom heard, what may surprise most is not that Marx was fervent about preventing such an eventuality. He knew well the disruption it would cause to the labor market, to the workforce and class whose jobs were most likely to be lost. "As soon as labor in the direct form has ceased to be the great well-spring of wealth, labor time ceases and must cease to be its measure, and hence exchange value [must cease to be the measure] of use value," he wrote. It is in that sense, that this automation, this adoption of AI that would be able to "free" workers, as they would no longer be tied down to what a machine may be able to accomplish for them. While that may be a utopian and a simplistic depiction of this metamorphosis that is ongoing now, it does highlight the immediate need to find a way to transform the labor market to prevent further job losses and how to prepare for this revolution. This transformation can already be seen all over Korea ― from the adoption of ordering kiosks at fast food restaurants, to the increased investments in "smart factories." But what can we do to minimize this loss of jobs and minimize the consequential unemployment? President Moon Jae-in delivers a speech during an event held to commemorate the anniversary of his announcement on artificial intelligence-oriented policies at KINTEX in Goyang, Gyeonggi Province, in this November 2020 file photo. Joint Press Corps It first requires redirecting investments into retraining workers in tech and the development of such equipment and machinery as to complement, not to solely replace. There will still always be a need for those to build these machines, to dictate and monitor how they operate. Such skills will be even more in demand, and investment by the government and educational institutions will have to match that pace. It is also imperative to create an ecosystem with enterprises to not alienate workers or work to replace them, but find out what companies need for present and future skills, and to offer programs to retrain workers. While AI and automation will inevitably reduce the need for certain skills and workers, it also has the chance to create new opportunities, new markets and new synergy. To capture this moment, institutions need to encourage and build links between them and companies that can work in tandem for the skills that will be needed, to mitigate. AI also has the chance to meet the needs of changing demographics, society shifts and need. For example, it can be a boon for the healthcare industry, which often struggles with a shortfall of staff. As Korea, and a number of advanced economics alike, have a rapidly ageing population, it is also an opportunity to help ease the burden on the increasing expenditures of healthcare for this increasing demographic, but also ease the social and emotional costs that accompany this shift. How fast and to what extent AI and automation will eat away at the labor market, is unknown. What is certain though is that with careful adaption to these ever-changing circumstances, to working closely with industries to what skills are and will be needed, investments can be made to not only retrain workers, but to prepare both the new generation of workers for this transformation. To adapt AI for the needs to the public, to benefit, and to "free" the burdens they can by making AI a welcome presence and, while also making sure that new industries and jobs can be created from AI and all that follows. It is a chance to create new frontiers, just as the textile mills that once employed millions in the U.S. and the U.K. during their industrial revolutions, in the stead of the lost jobs to automation, sprouted new industries and opportunities. AI has the chance to do the same. Kyle Wardwell is a student at Sungkyunkwan University's Graduate School of Business.

McKinsey & Company Investments

10 Investments

McKinsey & Company has made 10 investments. Their latest investment was in Praetorian as part of their Series A on February 2, 2020.

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McKinsey & Company Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

2/13/2020

Series A

Praetorian

$10M

Yes

13

9/13/2019

Series B

Element AI

$151.4M

Yes

20

8/13/2019

Seed

Tjori

$0.7M

Yes

Undisclosed Angel Investors

5

10/30/2018

Series A

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$99M

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10

8/10/2018

Corporate Minority

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$99M

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10

Date

2/13/2020

9/13/2019

8/13/2019

10/30/2018

8/10/2018

Round

Series A

Series B

Seed

Series A

Corporate Minority

Company

Praetorian

Element AI

Tjori

Subscribe to see more

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Amount

$10M

$151.4M

$0.7M

$99M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Undisclosed Angel Investors

Sources

13

20

5

10

10

McKinsey & Company Portfolio Exits

2 Portfolio Exits

McKinsey & Company has 2 portfolio exits. Their latest portfolio exit was Element AI on November 30, 2020.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

11/30/2020

Acquired

$991

7

00/00/0000

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$991

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10

Date

11/30/2020

00/00/0000

Exit

Acquired

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Companies

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Valuation

$991

$991

Acquirer

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Sources

7

10

McKinsey & Company Acquisitions

14 Acquisitions

McKinsey & Company acquired 14 companies. Their latest acquisition was Vivid Economics on March 05, 2021.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

3/5/2021

Acquired

1

2/9/2021

Acquired

2

1/20/2021

Acquired

3

2/6/2020

Unattributed VC

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$99M

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10

9/19/2017

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$99M

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10

Date

3/5/2021

2/9/2021

1/20/2021

2/6/2020

9/19/2017

Investment Stage

Unattributed VC

Companies

Subscribe to see more

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Valuation

Total Funding

$99M

$99M

Note

Acquired

Acquired

Acquired

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Sources

1

2

3

10

10

McKinsey & Company Partners & Customers

10 Partners and customers

McKinsey & Company has 10 strategic partners and customers. McKinsey & Company recently partnered with Southeastern Pennsylvania Transportation Authority on September 9, 2021.

Date

Type

Business Partner

Country

News Snippet

Sources

9/15/2021

Client

Southeastern Pennsylvania Transportation Authority

United States

SEPTA inked McKinsey consulting contract during COVID crisis — WHYY

SEPTA also confirmed that it initiated a second $ 338,000 consulting process , through an existing contract with engineering firm AECOM , the same month it retained McKinsey -- -- and with some similar objectives .

1

5/11/2021

Partner

The Aerospace Corporation

United States

Digital: The next horizon for global aerospace and defense

A new McKinsey research effort , in partnership with the Aerospace , found that advancing the digital maturity of the A&D value stream could unlock $ 20 billion in annual EBITDA .

1

1/28/2021

Partner

Girls in Tech

United States

McKinsey Teams with Girls in Tech to Support Diversity, Equality, Inclusion and STEM Education

`` This is a landmark partnership for Girls in Tech that accelerates our ability to reach women with our highly-recognized programming . ''

4

1/7/2021

Partner

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10

12/9/2020

Client

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10

Date

9/15/2021

5/11/2021

1/28/2021

1/7/2021

12/9/2020

Type

Client

Partner

Partner

Partner

Client

Business Partner

Southeastern Pennsylvania Transportation Authority

The Aerospace Corporation

Girls in Tech

Country

United States

United States

United States

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News Snippet

SEPTA inked McKinsey consulting contract during COVID crisis — WHYY

SEPTA also confirmed that it initiated a second $ 338,000 consulting process , through an existing contract with engineering firm AECOM , the same month it retained McKinsey -- -- and with some similar objectives .

Digital: The next horizon for global aerospace and defense

A new McKinsey research effort , in partnership with the Aerospace , found that advancing the digital maturity of the A&D value stream could unlock $ 20 billion in annual EBITDA .

McKinsey Teams with Girls in Tech to Support Diversity, Equality, Inclusion and STEM Education

`` This is a landmark partnership for Girls in Tech that accelerates our ability to reach women with our highly-recognized programming . ''

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Sources

1

1

4

10

10

McKinsey & Company Team

81 Team Members

McKinsey & Company has 81 team members, including current Chief Executive Officer, Yotam Drechsler.

Name

Work History

Title

Status

Yotam Drechsler

Chief Executive Officer

Current

Keren Leshem

Chief Executive Officer

Current

Soraqa Alkhatib

Senior Vice President

Current

Jennifer Thomas

Senior Vice President

Current

Andrew Pickersgill

Managing Partner, Senior Partner

Current

Name

Yotam Drechsler

Keren Leshem

Soraqa Alkhatib

Jennifer Thomas

Andrew Pickersgill

Work History

Title

Chief Executive Officer

Chief Executive Officer

Senior Vice President

Senior Vice President

Managing Partner, Senior Partner

Status

Current

Current

Current

Current

Current

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