Recruiting software developer Hiretual will advance its artificial intelligence technology following the raise of a $13 million Series B financing round, led by Oceanpine Capital.
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Including the new investment, Mountain View, California-based Hiretual has raised a total of $23 million since its inception in 2015, CEO Steven Jiang told Crunchbase News. That amount includes a few Series A tranches beginning in 2018 of more than $5 million.
He said the company plans to use the new funding in two ways: on technology and product research and development, and customer success.
“Hiretual is a technology- and product-driven company that also needs to be all-in with our customers’ success, as they are the center of our business,” Jiang said. “We are also humble enough to realize that compared to the most successful SaaS companies, we still have a long way to go.”
Using AI technology, the company turns the internet into a recruiting tool by mining the web for natural language that is converted to data for use by recruiters to find their best talent. This enables businesses to cut down their sourcing time by as much as 80 percent, as well as shortening the hiring cycle and decreasing talent acquisition costs.
The company touts the world’s largest Talent Knowledge Graph. It powers a talent data system that augments a recruiter’s duties, freeing them from manual work, such as data migration and collection from multiple recruiting platforms, Jiang said. It also integrates with a company’s in-house recruiting software.
“The Talent Knowledge Graph didn’t exist before, and is a game-changer for our industry,” Jiang said. “It is a powerful middle layer in the central workflow of talent acquisition connecting the external intellect with the internal in-house recruiting center, where before, those two were disconnected.”
More than 100,000 recruiters at more than 700 businesses are using Hiretual, he said. The company experienced a 300 percent year-over-year growth for the past two years. Jiang said the company expects to continue growing this year, but not as fast as before due to the global pandemic’s impact on recruiting and hiring. The company has 85 employees, which doubled from last year, and Jiang plans to be at 100 employees by the end of the year.
Dave Chenn, founding partner at Oceanpine Capital, said in a written statement that Hiretual was attractive due in part to its Talent Knowledge Graph.
“Hiretual is already a leader in the space of AI-driven talent sourcing and they have enhanced their technology tremendously over the past year to build an enterprise-grade system that hiring teams can depend on during economic highs and lows,” he said. “With their Talent Knowledge Graph, they are changing the game to emerge as the top talent data platform for large enterprises and smaller businesses to drive organizational growth.”
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