Findem Raises $30 Million Series B to Help Companies Hire High-Quality Talent Faster Using Recruiting AI
Findem, a people intelligence company applying AI to fuel the next phase of talent acquisition, has secured $30 million in Series B financing. Four Rivers and Quarry Capital Management led the round, with participation from existing investor Wing Venture Capital. The round brings Findem’s total funding to date to $37.3 million.
Talent leaders at companies such as Google, RingCentral and Medallia are using Findem’s People Intelligence platform to drive unprecedented business value—overcoming their talent shortages with higher-quality candidates, bolstering their workforce diversity and shrinking their time-to-hire by 80%. Launched in 2020, Findem has fully transformed talent search, using AI and contextual logic to emphasize a candidate’s relevance for a given position and find them. This enables companies to bring in the candidates they actually want rather than those who merely match up on search terms.
“The talent war is raging right now and companies can’t hire fast enough, and Findem’s technology is the secret weapon to help recruiters find those prime candidates that competitors simply can’t,” said Farouk Ladha, general manager for Four Rivers. “Findem is applying AI to the candidate search process in a way the industry hasn’t seen before, and reinventing how companies find quality talent and build great teams.”
Millions of employees quit their jobs in the past year, leaving many companies struggling to fill their open positions. Fueled by the nationwide labor shortage coupled with a highly competitive labor market, Findem experienced a 500% increase in customer growth, 8X top-line revenue and more than doubled its employee count.
This new capital will allow Findem to build upon a strong 2021 and support the company’s product development advancements, including the Q1 launch of a new self-service model that enables users to post their open positions to job boards and obtain a new and highly-targeted candidate pipeline. Continued expansion is also a top priority for Findem, as it primes to expand internationally and meet the complex hiring needs of today’s global organizations.
“Findem’s platform has been very helpful to my team in identifying executives we may not already know, and have relevance for specific leadership needs at Google,” said Jeff Markowitz, Google Vice President, Talent Advisor to the CEO. “We are excited to be using their platform and seeing how it continues to grow.”
Findem’s AI recruiting platform indexes and analyzes people data from 100,000 sources and turns it into searchable candidate attributes. Talent teams can search by attributes–everything from whether an individual has seen a company to a successful exit, builds diverse teams or is a long-tenured employee–to find perfect matches across all external candidates, internal employees, and existing profiles in their ATS. The platform also includes tools to automate personalized candidate engagement, analyze talent pools, gain labor market intelligence, and measure pipeline analytics and talent diversity.
“This latest funding truly validates our approach in going beyond resumes and placing attributes at the center of the talent search,” said Findem CEO Hari Kolam. “This funding will be an accelerant for our next stage of growth as we continue to reshape the future of sourcing, recruiting and hiring and drive innovation in the $450+ billion staffing industry market.”
“Findem stands out in the HR technology space for having a vision of what AI-driven recruitment can truly accomplish, combined with the innovative technology to make it happen,” said Danny Wen, general partner for Quarry.
Leading Talent Teams Succeed with Diversity, Precision in Hiring Using Findem
Using Findem’s platform, companies in technology, health care and other sectors are experiencing as much as a 10X increase in the diversity and quality of candidates in their talent pipelines, often in a matter of weeks. Senior talent acquisition leaders see Findem’s approach as a groundbreaking way to source and recruit candidates at scale and fill niche positions.
“Since Findem came into the picture, we’ve increased our talent pipeline with top-quality, interested candidates by a substantial 22% and massively increased diversity at each stage of our talent funnel. We have 40% more interested candidates from underrepresented groups than before Findem,” said Alvin Lam, vice president of global talent acquisition at RingCentral. “It also allows us to run highly technical searches and turn up candidates for hard-to-fill roles—people who would be nearly impossible to identify without Findem.”
”Diversity in hiring is a top priority at Medallia, and Findem has helped us crack the code to gain insights into our talent funnel through a diversity lens,” said Tey Scott, senior vice president of global talent acquisition at Medallia. “With data and deep analytics guiding us, we achieved a three-fold increase in candidates from under-represented groups in our pipeline in less than two weeks. I’d call that impressive by any talent acquisition team’s measure.”
“The results that we’ve seen since using Findem’s platform are truly off the charts,” said Karen Worthy, VP of talent acquisition and employee experience at Booster Fuels. “What they’ve built goes far beyond traditional sourcing tools where you’re spending hours clicking through countless profiles to unearth a few hidden gems. With Findem, we’re targeting candidates with great precision, filling the top of our funnel with top-quality talent and finding the perfect fits for niche roles. We’re hitting goals that seemed lofty before Findem came into the picture.”