Impress.ai Secures S$4 Million in Pre-Series A Funding to Transform Recruitment Locally and In New Markets
Singapore, May 2021— impress.ai, a transformative Singapore-based enterprise recruitment solution platform, announces today that it has successfully raised S$4 million in its Pre-Series A funding round led by Summit 29K. SEEDS Capital, the investment arm of Enterprise Singapore, has also participated in the round. The funds will be used to drive expansion into new markets such as Australia, Hong Kong and Taiwan, accelerate product development, increase marketing outreach and attract more expert talent to join the team.
In light of the pandemic, social distancing protocols have driven companies across the globe to conduct interviews and screening processes on virtual platforms. The impress.ai solution enhances that digital pivot by using AI to intelligently streamline the hiring process. Its AI-powered chatbots can process applications at greater scale and efficiency, as well as reduce unconscious human bias by evaluating candidates via a series of objective assessments. Based on industrial organisational (I/O) psychology, the AI algorithm can also be localised to account for different hiring regulations, languages, practices and cultural sensitivities in each market, helping enterprises stay agile in the dynamic world of recruitment.
“The pandemic has shone a light on the importance of digital tools in the workplace and unveiled the gaps in the traditional recruitment process, which is largely still a manual and time-consuming process. Today, organisations are looking for more effective methods to leverage technology so as to streamline workflows and increase efficiency. Moving forward, understanding how to best recruit, utilise and retain talent while working remotely is increasingly becoming a topic of focus. This has resulted in growing business opportunities and interest in how our solution is able to help achieve that,” said Sudhanshu Ahuja, CEO and Co-Founder of impress.ai.
While 2020 was a challenging year for many startups, impress.ai successfully reached new milestones and hit important revenue targets. The company also expanded its client portfolio, adding marquee clients to its base of over 50 large enterprise and government clients such as DBS, Singtel, ADB and Ngee Ann Polytechnic. The company achieved an operational break-even in May 2020, and received accreditation from Infocomm Media Development Authority under the Accreditation@SG:D programme awarded to promising and innovative Singapore-based companies with a potential for high growth.
“What impress.ai is doing is bridging a gap that has existed for long in the recruitment space. We see enormous potential in the company, and believe the team is well placed to challenge the status quo to enable faster, fairer and more efficient hiring. The company’s performance amidst the tough global economic climate has proven to us just how robust the concept is, and we are very excited to come aboard for this journey and to build the next generation of recruitment solutions,” said Mahtani Bhagwandas, Director of Summit 29K.
“impress.ai is a good example of a Singapore startup that offers an innovative and relevant tech solution that addresses the digital needs of businesses, particularly in today’s COVID-19 environment. Its AI-powered recruitment solution helps companies improve their hiring efficiency and transform hiring practices, especially for cross-border talent recruitment. We are excited to be part of their growth journey as they expand their reach into markets in the region and beyond,” said Tan Kaixin, General Manager, SEEDS Capital.
For more information about impress.ai, please proceed here.
Launched in 2017, impress.ai is a no-code, self-service platform that is highly focused on simplifying and accelerating various parts of the recruitment workflow. AI chatbots are utilised to create a seamless interview experience for candidates, answering queries with a 96 percent accuracy rate while simultaneously providing assessments and assigning an overall metric value to the candidate. Based on industrial organisation (I/O) psychology, the AI algorithm can be localised to account for different hiring regulations, language, practices and cultural sensitivities to help enterprises stay agile in the dynamic world of recruitment. To date, impress.ai has helped close to 50 enterprises across various industries and sectors.