HR Tech startup Skillate, which uses Artificial Intelligence (AI) as its core technology, has succeeded in raising undisclosed amount from two independent investors. These investors are ‘Incubate Fund India’ and Anuj Agrawal (Director of Zyoin), according to Skillate’s co-founder Anand Baranwal.
Skillate is being funded and currently incubated at European SaaS major SAP’s Bengaluru branch. The startup aims to cure HR department’s major pain-point by streamlining the hiring process through its AI driven solutions. Skillate claims that its well-trained AI engine can emerge as a major boon for companies, after scores of resume that companies receive everyday end up becoming a dead pool of data at a certain point.
The SAAS backed startup says that its AI engine is fully capable of making sense of data’s collected from over 10.2 million profiles by structuring them in a proper format. This claim, if true, can indeed help medium as well as large-scale companies in hiring right candidates without wasting their much time and energy. Practically, it is almost impossible for companies to screen each & every resume and in the process often end up missing on lot of worthy candidates.
This incredible problem faced by the HR teams across the companies is a hard reality, but rarely gets discussed in the corporate circle with as much seriousness. However, this puzzling problem may offer a blessing to companies like Skillate, which can make serious money by solving this pain point that actually costs several companies millions of money every year.
Although Skillate is not the only player that is trying to address the recruitment pain point. There are many, but none without a formidable solution. However, Skillate’s co-founder Anand claims that his company comparatively has an edge over all other competitors. He labels company’s specially designed AI engine as a ‘thinking recruiter’ that can excellently leverage on its deep learning algorithms to arrive at accurate decisions.
If Skillate’s AI engines do have the game-changing power, as Anand claims, then this young startup surely stands a chance at cracking the Indian recruitment industry that is touted to be around $6 billion.