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RecruitBot, a recruiting platform, announced that it has raised $8.2 million in additional seed funding to expand its AI-powered recruiting software. The investment round was led by Slow businesswith the participation of SNR, OCA, Freestyle and Parade.
The company aims to empower recruiters by improving talent sourcing and accelerating the hiring process through artificial intelligence and machine learning (ML).
RecruitBot said its advanced AI algorithms allow the platform to understand recruiter preferences and display increasingly relevant candidates from its qualified database of 600 million profiles. Additionally, the platform facilitates personalized and automated email campaigns to candidates on behalf of hiring managers.
The company said that unlike traditional hiring platforms, RecruitBot comes with filters, including support for diversity, equity, and inclusion (DEI) initiatives, combined with machine learning. This allows for quick identification of ideal candidates for a role.
“Most tools only solve part of the problem: find different/relevant candidates, reach out to those candidates, engage with your ATS, source on LinkedIn. Our platform solves all of these problems in one product – it’s a paradigm shift from the standard ‘recruitment funnel’ to a ‘recruitment flywheel’, where continuous sourcing for similar roles becomes more effective over time,” Jeremy Schiff , CEO and founder of RecruitBot, told VentureBeat.”Our machine learning algorithm improves relevance, (and) automated personalized reach and analytics improve response rates.”
Schiff explained that based on previous reviews, the platform’s proprietary machine learning algorithms analyze and identify candidates who closely match the desired criteria. This allows users to discover the most suitable candidates for specific roles.
He said the platform allows recruiters to screen five times fewer candidates while still finding relevant matches.
This latest funding round builds on RecruitBot’s growth in 2022 and its previous $3 million pre-seed funding round. The company has now raised a total of $11.2 million since its launch.
Simplify recruiting through artificial intelligence
Many companies struggle to identify the right candidates and find effective approaches to engage them.
According to RecruitBot’s Schiff, recruiters often face excessive workloads and limited resources. The burden of managing multiple procurement tools, an outreach tool, an applicant tracking system (ATS), and a customer relationship management (CRM) system can be too much, leading to suboptimal use of these tools .
“Without a place to find and engage with candidates, there are issues ranging from ensuring recruiters don’t bring in the same candidate to data integrity for analysis, not to mention fancier things like repurposing decisions from the machine learning recruiter,” Schiff told VentureBeat. “An effective research and recommendation tool cannot be provided without clean data and deep integrations between these disparate issues.”
RecruitBot said it addresses these pain points by offering a solution that encompasses sourcing, outreach, and analytics in one top-funnel platform. The platform’s machine learning capabilities allow companies to tailor candidate searches based on skills, experience and other criteria through a single, scalable tool.
“The value of RecruitBot’s machine learning is that it tailors results for a specific position in a specific company. What RecruitBot focuses on will differ depending on the decisions of a recruiter or hiring manager. In some cases, there are obvious things he’ll focus on, like education or job titles,” Schiff explained. “As he learns more, he can focus more on skills, where he can figure out that this person is great at the work, even if it doesn’t have the right title.”
He said the platform possesses the ability to understand the intricate meanings associated with words like “service leadership,” “ownership-oriented,” and “numbers-driven.”
Schiff said the company plans to use the funding to enhance its AI capabilities and expand its customer base through sales, marketing and customer success investments. This strategic allocation of resources aims to empower more customers and fuel the development of additional AI capabilities in the coming months.
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