Israeli startup Workey, which has developed an AI solution for career development and recruitment, has completed a $8 million Series “A” financing round, led by PICO Partners and Magma VC. The funding will be put to immediate use, with the Tel Aviv based company opening its first US office in New York City, with hiring already underway.
Workey is also announcing today the official US launch of its platform after a successful Beta experience in both Israel and the US.
The Series A funding is followed by the completion of a positive Beta phase in Israel and New York, working with over 400 companies including Amazon, Dell EMC, Oracle, and Yahoo.
“The 2016 Deloitte Millennial survey shows that 2/3 of Millennials expect to leave a company within four years. However, it’s clear that the traditional recruitment process is inefficient and outdated for not just Millennials, but for employees across the board,” said Workey CMO Danny Shteinberg. “Far too often people leave one job for another without clear direction and without necessarily supporting their long-term aspirations. Unlike job sites, Workey does not merely aim to find people a job, our aim is to help people take steps that build a career by providing a true reading of the job market and an individual’s potential.”
Workey’s platform empowers its users to make informed career decisions, while simultaneously enhancing and increasing the number of potential recruits for companies, by smartly placing a user’s finger on the pulse of the job market. Its advanced AI is capable of tracking and profiling 80% of today’s workforce, comparing millions of career paths and providing data driven recommendations for users’ next career steps. The platform particularly assists those who are not ready to take the leap and become an active job-seeker, by offering an anonymous, free and easy-to-use service, which allows users to casually explore the job market without commitments or effort. This in turn becomes a significant asset for companies, greatly expanding the pool of potential employees by incorporating passive talent.
The platform works by presenting users with relevant positions in real time generated by AI and comparative analytics, often opening the users' eyes to previously unimaginable career growth opportunities based on their skills and experience. Companies are also able to be active on the site and reach out directly to recommended users and request an introduction, however, it’s up to the user to decide if they wish to reveal their full details, or anonymously reject the approach.
“In a candidate-driven market, Yahoo always strives for innovative approaches to recruitment, and Workey has proved to be an invaluable service,” said Omri Perek, Recruitment Manager at Yahoo Inc. “The smart recommendations and quality introductions facilitated by Workey, combined with it’s easy to use and welcoming platform, has enabled us to fill multiple positions with ideal candidates.”
“PICO sees Workey as the future of career advancement technology. The platform takes career development a step further by utilizing advanced AI and machine learning to provide users and companies with the most relevant career opportunities,” said Elie Wurtman, veteran investor and Managing Partner of PICO. “Workey is revolutionizing the way people and companies handle career opportunities, making it far more accessible and efficient than ever before.”
Published by Globes [online], Israel business news - www.globes-online.com - on June 6, 2017
© Copyright of Globes Publisher Itonut (1983) Ltd. 2017