TurboHire, the Hyderabad-based recruitment platform driven by augmented intelligence has managed to raise US$ 1 million in seed funding. This round of investments, which was led by Pentathlon Ventures, witnessed participation by Kia Ora Ventures, as well as individual investors, including Prabir Jha, HR leader and founder-People Advisor, Monish Darda, co-founder, Icertis, and Sanjay Balram, co-founder, GAVS Technologies.
The augmented intelligence-based platform was created in 2018 by a group of IITians and NITians to transform the hiring-related decision-making processes for organisations. This platform that has human-machine collaboration as its base, aims to ensure 60 per cent better, faster and cost-effective recruitment decisions.
The Company will use the fund to improve the value proposition by building an ecosystem, and deepening the intelligence with automated interviews.
Deepak Agrawal, CEO, TurboHire, is confident of significant “growth, globally, over the coming years” as the Company is “now working on enhancing user experience in the self-service model.”
Hemant Joshi and Madhukar Bhatia, managing partners, Pentathlon Ventures, point out how “AI-based tools can simplify and speed up recruitment tasks and enhance decision making,” which makes this a very smart investment for them at a time when the Company is focussing on expanding operations.
With AI and automation “being the next major drivers in the field,” Prabir Jha, who has been a president and global CHRO at CIPLA and RIL, is sure the funding will help to “expand operations and drive innovations”.
The augmented intelligence paradigm of this B2B SaaS platform ensures better resume parsing and differentiation among candidates, which results in better recruitment quality. It is already already being successfully used by over a 100 clients, including big names, such as ICICI Bank and RPG Enterprise.