Used by more than 100,000 recruiters
AI-powered recruitment software developer Hiretual has scored $13 million in Series B financing, bringing its total investment to $23 million since the launch in 2015.
The company’s ‘Talent Knowledge Graph’ – touted as the world’s largest – is already being used by more than 700 businesses, including 37 Fortune 500 companies, to discover and hire key staff.
Hiretual’s technology turns the open web into a dynamic recruiting tool, mining the Internet for natural language that is then converted to data for use by recruiters. This helps businesses cut their sourcing time by as much as 80%, as well has shortening the hiring cycle and reducing hiring costs.
The platform integrates with Workday, Oracle Taleo, SAP SuccessFactors, IBM Kenexa and others, to create a loop of candidate data that is continually aggregated, cleaned and updated.
A better candidate experience
"The recruitment industry is no longer transactional, it is a system that spans across different business platforms to build genuine relationships between companies and the available job market," Hiretual CEO, Steven Jiang, said.
"Businesses today can't afford to let their recruiters spend all their time on administrative tasks that distract them from providing a real candidate experience. Hiretual will be doubling its patented technology to help organizations build a centralized source of structured candidate data that takes care of itself."
More than 100,000 recruiters are now using the software, with the company seeing a 300% year-over-year growth for the past two years. While the global pandemic is likely to throttle this figure for 2020, it appears there is still a strong demand for this kind of system: Hiretual's customer data shows a 60% increase of candidates being moved forward in hiring stages between April and July of this year.
AI has been strengthening its position in the recruitment technology sector for some years now – back in 2018, 76% of surveyed recruiters claimed that its impact on the landscape would be at least ‘significant’.
Obstacles to mainstream adoption remain: costs can be prohibitive, and AI bias continues to be a problem for diversity. Nonetheless, with major employers leading the charge, and continued investment in the area, it might not be too long before this tech renders the traditional application form a thing of the past.