Human resources technology startup Talent Fabric Ltd., which does business as Perfect, announced today that it has closed on a $13 million seed funding round as it looks to take on established platforms like LinkedIn Corp. in the world of talent recruitment.
Today’s round was led by Target Global and saw participation from Joule Venture and RTP Global, plus a host of individual investors, including Leon Recanati, Chemi Peres, the Kalish brothers, Oren Rozenbach, Dan Naftali, Uri Levy, Tomer Pomerantz, Nir Adler and former Samsung Electronics Ltd. President Young Sohn.
Based in Israel, Perfect has created what it says is a generative artificial intelligence-powered platform that helps organizations to fill staff vacancies by mapping the profiling career graphs of millions of technology-focused professionals.
The company says it wants to break LinkedIn’s monopoly on the talent scouting market, and so it relies on generative AI to help companies search for the ideal signals for each available position they’re looking to fill. Perfect scans dozens of public data sources, including social media and other databases, searching for the ideal candidates whose skills match what an employer is looking for.
While all of the data it digs up on available talents is posted online, the advantage of Perfect is that its AI search aggregates that information into a list of prospective candidates for specific roles, then presents it in a way that’s easily digestible. Its AI algorithms analyze each candidate’s information to surface the most compatible matches for each position. Further, it also takes into consideration how receptive each candidate is likely to be to a new job offer.
Perfect’s talent search tools are free to use, though subscribers gain additional tools for refining their searches, the company said.
To date, Perfect reckons that it has mapped the profiles and career graphs of millions of U.S.-based technology professionals. It said that it’s constantly scanning public sources for live signals about companies, including layoff indications, senior role changes and other news.
Perfect Chief Executive Eylon Etshtein said the company sees itself as the “Spotify for talent” and works by learning the hiring preferences of each company, so as to adapt its recommendations accordingly.
“We bring a true revolution to a world that’s stuck in the past and relies upon manual searches at tools such as LinkedIn that clog the market in the old world,” Etshtein said. “The multitude of shifts in the market requires companies to be precise and quick in their ability to take advantage of the opportunities that arise and to recruit the most qualified workforce.”
Perfect said that its customers include numerous tech firms, such as Incredibuild Ltd., RocketVisor Corp. and even RTP Global, the venture capital firm that’s backing it in today’s round.
The company intends to use the cash from today’s round to increase its market penetration efforts and accelerate product development.
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