AI-Based Recruitment Optimization Technology Startup Jobiak Raises $2.3 Million To Revolutionize The Recruiting Industry
Jobiak, the creator of an AI-based recruitment optimization technology for search and social media platforms (e.g. Google for Jobs, Facebook for Jobs), announced that it has raised $2.3 million in a seed funding round led by a group of private investors and successful entrepreneurs including Jane Hirsh (former CEO/ Chairman of a major pharma), Raj Surapaneni (private equity), Joe Beard (Perot Jain PE), Rajat Gupta (Former MD McKinsey & Co) and Shafiq Lokandwala (successful HR tech entrepreneur). The founder, Venkat Janapareddy, has invested an additional $500k in this round.
The company has successfully completed a beta phase having processed over half a million jobs and is now preparing for a full commercial launch in Nov 2019. Joe Beard, from Perot Jain, remarks, “We find the HR tech space and Jobiak’s game changing ML-based jobs optimization solution for Google for Jobs very exciting! This combined with the founder’s track record is what primarily drove the investment decision for us.”
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Google for Jobs has been disrupting the recruitment advertising industry since its launch in 2017 and presented Jobiak with a unique business opportunity to ride the wave of its rapid growth and adoption in the industry. However, it requires recruiters to follow a fairly complex and time-consuming coding effort to meet its schema and optimization requirements in order to gain the full benefit of Google for Jobs. The recruiters have generally failed to meet and maintain the requirements which is resulting in an average of only 20% of the jobs showing up in the search results.
Jobiak’s machine learning platform has automated the entire process of meeting Google for Jobs’ requirements, resulting in turning Google for Jobs into a very cost-effective recruitment channel for enterprises and their recruitment channel partners such as RMAs, RMPs, CRMs, Job Boards, and the like. This presents an additional opportunity for Jobiak to partner directly with search and social media platforms and recruitment channel partners to make available the benefits of its AI based job scraping/ posting and optimization engine to the entire recruitment industry.
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This new funding round will enable Jobiak to further capitalize on its unique market leadership position and patents by expanding its go-to-market footprint, innovative product development, and make key leadership team hires. This firmly anchors the company’s plans to disrupt and revolutionize the recruiting industry in the next five years.
“80%+ of job seekers today, start their job search on social and search engines. Our vision is to connect qualified candidates directly with enterprises instantly, cost effectively and with minimal fuss,” shared CEO/ Founder Venkat Janapareddy. Janapareddy, has over twenty-two years of experience in the recruiting and staffing industry. He has had two successful exits with XpertTech (an IT services company sold to a U.K.-based private equity firm) and Gozaik (a social jobs platform acquired by Monster Worldwide in 2014).
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