impress.ai is an automated platform for screening and assessing candidates with an Artificial Intelligence (AI) powered chat interface. The company has secured an undisclosed amount of funding from the Javelin Startup-O Victory Fund. It is now keen on utilising the funds to proceed with the development of a virtual HR Assistant which will enable enterprise recruiters to work more efficiently and minimise unconscious bias.
Incorporated in 2013 as Ideatory Pte. Ltd., the firm is a brainchild of a team of three, who together hold Ph.Ds. in AI, experience in Industrial-Organisational Psychology and corporate sales. The platform was launched in September 2016, and since then it has delivered a praise-worthy cost-savings and better candidate experience for its clients.
It is a productivity tool for enterprise recruitment teams which lets them select candidates ideal for their respective firms faster, more accurately and in an unbiased manner. It enables them to generate and train an AI-powered Virtual HR Assistant that autonomously reviews resumes, runs screening interviews and answers candidate queries. This saves the recruiters up to 30% of their time that they can spend on top candidates instead.
Sudhanshu Ahuja, co-founder and CEO of impress.ai, talking about the platform, added,
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.
Some of the major banks rely on impress.ai to revamp their process of recruitment and make it better for candidates simultaneously improving efficiency and accuracy of the process. In the past, Ideatory has served clientele spanning across Singapore, Hong Kong, Malaysia, India and New York and including big names like DBS, Citi, Singtel, CapitaLand, HDFC, MakeMyTrip, among others.
Anuj Jain, Co-founder and CEO of Startup-O quoting a recently published data, revealed the corporate spend on AI technologies is likely to hit $47 billion by 2020. He also added that 42% of companies want to increase their HR technology expense to replace the existing systems. He further stated,
impress.ai’s automated platform for potential candidates resides at the intersection of two high-growth technology sectors: Artificial Intelligence (AI) and HR technology.
Startup-O is a Singapore-based online platform that helps curate tech startups from across Asia, and help them connect with strategic capital and a global network of experts to expedite venture building. It collaborated with a financial advisory firm, Javelin Wealth Management, to form the Javelin Startup-O Victory Fund to expedite success for both the startups and the investors in them.