Bangalore- and US-based blockchain professional network SpringRole has closed US$1.3 million via private placement.
The Bangalore-headquartered company has set May 15 date for the public pre-sale of SPRING, an ERC-20- compliant token that ties a value incentive to verifying career information like educational attainment, work history and skills endorsements. Public sales of the SPRING token are scheduled to launch at the end of June.
Scott Walker, Co-founder of DNA, said: “SpringRole is taking an important and risk-managed approach to solving a massive problem in the HR industry globally. By focusing on India, where they have already had success—and where the problem is particularly acute—SpringRole has an excellent opportunity to capture market share quickly and build a set of blockchain and API standards that can open them to additional opportunities as they grow”
SpringRole was started in 2014 by Kartik Mandaville, a graduate of Carnegie Mellon University in the US and an expert in machine learning and blockchain. A serial entrepreneur, he has earlier developed AutoBudder, a software that automatically wishes friends on their birthdays. In the past, he has also served as CTO of LetMeKnow.com, an online portal delivering internships, scholarships, conferences etc to college students in India. He is also a Kairos Global Fellow (2012).
SpringRole is a recruiting startup, which essentially provides verified resumes/profiles using the blockchain technology. SpringRole is solving the challenges of hiring technical professionals for outsourcing and global services arrangements by using blockchain, coupled with an incentive-based utility token for attestation of educational and certification attainment, validation of work history and scoring of professional network referrals for skill sets.
The company’s goal is initially to penetrate the Indian market for technical professionals.
“What we’re building is solving an all-too-real problem faced by every offshore company hiring in India, whether in support of in-house technical services or as part of an outsourcing transaction. Opening our beta to US users is a key next step in bringing our industrial application of blockchain to a global market,” said Mandaville.
SpringRole is building features like directory listing, search, job board, work attestation and reputation scoring on the SpringRole platform. It has also launched a referral programme, which enables beta users to invite their network onto the platform in exchange for SPRING tokens.
How it works
When you sign up on SpringRole, you import or add your profile to the platform. This generally includes your work experience, educational experience and your skill sets. Each of these claims once listed on the platform is verified by the concerned people or organizations.
For work experience and educational qualifications, the universities and companies concerned verify details and attest the claim with the protocol on the blockchain. This is a one-time verification and can be used whenever needed.
On SpringRole, your skill reputation is crowdsourced and depends on the people who endorse you on your skillsets. Skill endorsements are weighted according to the skill level of the person endorsing you and endorsements need to be accepted by the sender and the receiver before it counts.
Whenever people in your network earn rewards on SpringRole, you also gain a percentage of it along with the other users and organisations who have attested for that person.
The startup also recently announced product partnerships with WorkCoin, a blockchain-based platform for freelancers with a focus on transparency, and Bloom, a blockchain-based credit scoring platform.