Ideal Raises $3M to Scale AI for Recruiting Platform, Targeting Inefficient High-Volume Hiring Process
Ideal, AI for recruiting software, raises $3M to accelerate the capabilities of their virtual recruiting assistant and streamline high-volume hiring
TORONTO, August 29, 2017 – Today Ideal, an AI for recruiting company, announced the completion of a $3M financing round that will be used to accelerate the capabilities of their AI and onboard new customers faster. The round was led by prominent investors including Mike Durland, Michael Hyatt and Richard Hyatt, alongside the MaRS Investment Accelerator Fund, a fund based at MaRS Discovery District in Toronto.
“We are thrilled to be able to work so closely with our investors and the MaRS Investment Accelerator Fund. It is a huge vote of confidence and marks a very exciting time for us,” says Co-founder and CEO, Somen Mondal.
Ideal works to bring AI to talent acquisition teams globally. Large employers such as Walmart or Starbucks receive over one million resumes a year. As this number soars, often over 70% of these applications go untouched. Ideal’s technology leverages AI to screen and shortlist every single candidate, learning and mimicking the expertise of top human recruiters.
“These funds are going directly to supporting our new and existing customers,” explains COO and Co-founder, Shaun Ricci, “we really excel at working with each customer and building out additional functionalities efficiently. Our product roadmap is ambitious and we’re looking forward to releasing new features to our customers.”
By taking the tedious tasks off the recruiter’s shoulders, Ideal frees up time for enjoyable, high-value work. Indigo Books and Music, one of Ideal’s earliest customers, was quick to adopt Ideal’s recruitment automation as their number of applications continued to climb. Director of Talent Acquisition, Sarah Wilson, speaks to their experience, “The talent was already there, we just didn’t have the resources to unlock it. Ideal found a way to triple our pace and both the cost and time savings were immediately significant.”
Scott Pelton, Investment Director at MaRS IAF says, “Ideal is taking on a problem that impacts a huge market. Companies across industries and around the world struggle with high-volume hiring. Ideal has an incredibly talented team that is well-positioned to play a role in Canada’s booming AI ecosystem.”
Ideal is an intelligent virtual assistant for recruiters. Ideal’s artificial intelligence automates time-consuming, repetitive tasks including candidate sourcing, resume screening, shortlisting, and candidate outreach. Ideal reduces bias, improves quality of hire, enhances the candidate experience and increases recruiter efficiency. To learn more or request a demo, visit www.ideal.com.
About MaRS Investment Accelerator Fund
The MaRS Investment Accelerator Fund (IAF) helps build and strengthen Ontario-based businesses in the cleantech, ICT, and life sciences & healthcare sectors. Funded by the Province of Ontario, the IAF program is managed by MaRS and delivered through the Ontario Network of Entrepreneurs. For more information and to apply, please visit marsiaf.com.