Singapore-based AI startup impress.ai has raised an undisclosed amount of funding from the Javelin Startup-O Victory Fund, a Singapore-managed seed capital fund that expedites entrepreneurs’ access to strategic capital and global networks.
impress.ai will use the fresh injection of funds to advance its mission to build a Virtual HR Assistant that makes enterprise recruiters more efficient and minimise unconscious bias.
Founded in 2013 as Ideatory, impress.ai is a candidate shortlisting platform to help enterprise recruiters to autonomously interview and identify the best candidates for a job using a proprietary AI and machine learning stack trained on 40,000 candidate profiles. It said its clients today consist of major banks, but did not disclose their names.
“impress.ai is able to generate an entirely new kind of self-annotating data sets on job candidates which allows our clients to build self-learning models of ‘good’ hires. This enables the Virtual HR Assistant generated from impress.ai to identify top candidates with stunning speed and accuracy while getting better with time”, said Sudhanshu Ahuja, co-founder and CEO of impress.ai, in an official press release.
“impress.ai’s automated platform for potential candidates resides at the intersection of two high-growth technology sectors: Artificial Intelligence (AI) and HR technology. According to recently published data, corporate spend on AI technologies is expected to hit US $47 billion by 2020. Likewise, 42 per cent of firms plan to increase HR technology spend to replace current systems”, added Anuj Jain, Co-Founder and CEO of Startup-O.
The Startup-O platform selects several startups every quarter to join its online ‘Fasttrack’ program. They are then funded and included in the Victory Portfolio.
On joining Javelin Startup-O Victory Fund, Ahuja said that its platform was a convenient and effective way for them to participate online without any upfront dilution and provided fast results, by linking them up with experts and access to funds in a timely manner.
“Javelin Wealth Management works with high net worth investors and family offices to build and manage properly diversified portfolios which invest in a broad range of assets. Investing in promising startups via an innovative fund like this is one example of the way in which we aim to show our clients exciting investment ideas. We look forward to investing in more high potential, technological startups like impress.ai,” said Steve Davies, CEO of Javelin Wealth Management.
Image Credit: impress.ai
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