Recruitment software firm Workable Inc. announced that it raised $50 million in a series C funding round. This brings total funding to $84 million at the Boston-based firm which focuses on serving small- and medium-sized businesses.
The company says its software uses AI to automate the recruiting process into a single tool — combining passive candidate sourcing, interview scheduling, candidate assessment and workflow automation. Talent Tech Labs, which monitors the human resource software marketplace, said the company combines corporate hiring data as well as data from online sources in predictive algorithms to recommend candidates.
Workable’s aim is to use technology to make the recruitment process more efficient and save time for recruiters at small- and mid-sized companies, according to a blog post by Workable CEO Nikos Moraitakis.
“Unless you really think that a junior recruiter spending as little as six seconds per resume (by their own admission) will not be outdone by a computer who has observed millions of human decisions and hiring outcomes,” Moraitakis wrote in his post. “Or that your local staffing agency who needs three weeks and a few thousand dollars to produce a long list will fare better than a computer who can match candidates out of a pool of millions instantly and reach out to them with programmatic, hyper-targeted advertising within 24 hours.”
The firm was begun in 2012, but says it now has 20,000 customers and 50 million candidates.