Artificial Intelligence (AI) recruitment startup Talview today announced that it has secured $6.75 million in Series A funding to create a new HR Tech Platform: Instahiring. Through the platform, which the company plans to further enhance with AI capabilities thanks to the funding, Talview helps enterprise employers hire talent faster across the globe.
The Instahiring platform combines three techniques: automation of routine recruiter tasks, enabling anytime-anywhere interviewing, and capturing and reusing data across the hiring process. This is enabled by Talview’s AI-powered video interviewing, cognitive remote proctoring, and advanced assessment solutions that leverage the best-in-class natural language processing, machine learning, computer vision, and video analytics capabilities.
Talview integrates into most applicant tracking systems (ATS) and learning management systems (LMS) to help reviewers and administrators automate repetitive tasks so they can focus on selecting the right candidates. The platform itself is designed to cater for the mobile-first internet user of the 21st century who is well-versed with virtual methods of communication.
So far, Talview’s talent acquisition process has helped global organizations such as Amazon, Deloitte, Swiss Re, Cognizant and Sephora become equipped to excel in the growing gig economy, all while increasing its own revenue by 10 times in the last two years. It has also struck partnerships with big tech companies like Accenture, IBM and Microsoft to take its solution to customers across the globe.
“We believe in solving for the customer; time to hire is the North Star hiring metric for enterprises and our mission is to build the fastest hiring platform ever,” said Sanjoe Tom Jose, CEO of Talview. “With this fresh round of funding, we are advancing our Instahiring platform with powerful artificial intelligence technologies and machine learning models to make recruitment faster than ever before.”
“Any company’s ability to execute depends on their ability to hire well and hire quickly.” said Manu Rekhi, Managing Director of Inventus Capital Partners, “Talview has a revolutionary tech solution coupled with an amazing founding team – and their customers agree.”
Time to hire is an aspect of recruitment that many enterprises struggle with. Taking too long to bring new employees on board directly impacts the quality of the hire, as well as productivity levels and revenue generation. In fact, 57% of job hunters drop out of the hiring funnel due to a long hiring process, and top candidates are only available in the market for an average of ten days.
“As we move more to an on demand economy, it is critical for companies to hire quickly and efficiently without sacrificing quality and fit.” said Arun Penmetsa, Partner at Storm Ventures, “Talview addresses precisely this need and offers an AI driven Instahiring platform that is personalizing the hiring process for both candidates and enterprises.”
Due to developments in big data analytics, AI and ML, HR Tech is expected to “positively impact” the growth of the HR management market, which is predicted to reach $30 billion in valuation by 2025. Taview’s AI is automating the highly inefficient Recruitment Process Outsourcing industry, which is expected to grow to US$ 40.57 billion by 2027.
Disclosure: This article includes a client of an Espacio portfolio company