impress.ai, an automated platform for screening and assessing candidates with an AI powered chat interference has received an undisclosed amount of funding from the Javelin Startup-O Victory Fund, which is managed out of Singapore.
This Singapore based artificial intelligence startup was founded in 2013, as Ideatory Pte. Ltd., and has since been a pioneer in innovation consulting and talent assessment for large enterprises. They have an impressive clientele list with the likes of DBS, UBS, Citi, Singtel, Maybank, CapitaLand, HDFC, MakeMyTrip, and ZS Associates in Singapore, Hong Kong, Malaysia, India and New York, included in the list.
The team behind impress.ai which together holds Ph.Ds. in AI, experience in Industrial-Organisational Psychology and corporate sales, met at the Nanyang Technological University of Singapore. And since its launch, impress.ai has delivered impressive cost-savings and better candidate experience for its clients.
A majority of banks in Singapore use impress.ai to positively overhaul their recruitment experience for candidates while improving overall efficiency and accuracy of the process.
Utilizing the funds-
With the investment from Javelin Startup-O Victory Fund, impress.ai plans to advance its mission to build a Virtual HR Assistant that makes enterprise recruiters more efficient and minimise unconscious bias.
“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.
He further added “This support is a validation of the impact impress.ai is having on banks, telecommunications and consulting companies. The Startup-O platform was a convenient and effective way that allowed us to participate online without any upfront dilution and provided fast results, by linking us up with seasoned experts and access to funds in a timely manner. It was a fantastic experience working with the Startup-O team. ”
Commenting on the funding Anuj Jain, Co-Founder and CEO of Startup-O said, “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 $47 billion by 2020. Likewise, 42% of firms plan to increase HR technology spend to replace current systems”.
“We look forward to see impress.ai build on its impressive momentum that it has created over the last 6 months and continue to deliver on its promise to large organisations across the region”, he added.
Startup-O is a Singapore-based online platform that helps curate tech startups from across Asia, and help them connect with strategic capital and global network of experts to expedite venture building. The winning startups selected from the online ‘Fasttrack’ program, held every quarter, are included in the Victory Portfolio to be funded by Javelin Startup-O Victory Fund. The Q1 2017 season saw winning startups getting funded from across A.I., Fintech, IOT, SaaS & Enterprise software domains respectively.
“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, which has collaborated with Startup-O to establish the Javelin Startup-O Victory Fund to expedite success for both the startups and the investors in them.