PiQube, an online hiring platform which differentiates itself from the rest by the use of intelligent data algorithms for finding the right employee, has grabbed $500K in seed round from The HR Fund. The HR Fund is a first-of-its kind private investment firm looking to invest into startups in the field of HR Management.
As a part of the deal, The HR Fund will get a presence in the board of the company along with a $500K investment.
PiQube, founded by Jayadev Mahalingam, helps potential employers search for their next hire through its intelligent data algorithms. To search for a suitable candidate, PiQube’s algorithms scout the entire Internet for candidate profiles allowing access to almost 100% of the employable population.
The startup then uses data patterns to identify the best matching candidates and provide a highly relevant set of candidates who could be interviewed.
PiQube’s algorithms take into consideration almost 72 different data points to arrive at the best match. Some important data points considered are skill depth, domain knowledge, Stability factor, mobility factor, Managerial skills, etc. The magic sauce, according to Jaydev, is Analytics.
Talking about raising fresh funding, Jayadev says,
The HR Fund with its deep expertise in the HR domain will help PiQube refine its product from a functional perspective. The investment will not only help us scale up and grow rapidly, but also we are confident that we will become the new benchmark for recruitment processes going forward.
PiQube was a winner of PayPal’s ‘Start Tank Incubation Challenge’ in 2014. Start tank is PayPal’s initiative to identify high potential tech startups, which are then incubated at its Chennai incubation center. PiQube is also incubated at PayPal’s Chennai-based Start Tank Incubation center.
This freshly infused investment will be used by PiQube for primarily expanding its technology and sales team along with aggressive geographic expansion – both within India and the South East Asia.