Conversational AI developer Mya Systems as we speak introduced that it has secured $18.75 million in a collection C spherical. Notion Capital participated within the spherical, together with earlier buyers Foundation Capital, Emergence Capital, and Workday Ventures. Mya founder and CEO Eyal Grayevsky stated the brand new funds will enable the corporate to develop within the coming years because it helps prospects automate the worker sourcing course of.
“We are seeing increasing demand from staffing businesses and corporations looking to transform their recruiting process through the use of conversational user experiences. This funding allows Mya to accelerate its mission to create a far more efficient job market powered by AI,” stated Grayevsky, who cofounded Mya in 2012 with James Maddox. “Now more than ever, organizations in health care, ecommerce, light industrial, transportation, logistics, retail, and other industries impacted by COVID-19 need help scaling recruitment to serve large, unexpected spikes in demand. Mya is uniquely positioned to help organizations with high volume recruitment needs and the increasing reliance on temp and contract-based work.”
Mya guides candidates by way of the hiring expertise from job search and onboarding to profession development. It reactivates profiles inside employers’ databases to draw best-fit candidates for open roles and augments profession websites by suggesting related openings to job seekers. And Mya engages with candidates to provoke the screening course of, reply questions they may have, assess eligibility, and ship a ranked shortlist to recruiters. It additionally automates scheduling, offering ongoing updates and reminders whereas managing rescheduling and cancellations.
The firm additionally offers a platform for real-time suggestions and engagement to assist determine and scale back turnover threat. Specifically, it helps employees advance of their careers by connecting with them earlier than the top of their contract and matching them with new job alternatives.
On the AI and machine studying aspect of the equation, Mya captures significant info utilizing semantic parsing, named entity recognition, and a number of intent classification. It can perceive context, multi-part statements, modified solutions, and interjections and might shift the course of conversations to an meant aim. It does all this whereas dealing with varied languages, idiomatic phrases, and slang throughout messaging channels (e.g., SMS and WhatsApp). The algorithms underpinning these capabilities repeatedly be taught from hundreds of thousands of interactions, in keeping with Grayevsky, enabling Mya to continuously enhance the accuracy of its responses and the breadth of its information.
Mya works with current hiring merchandise, together with calendars, job boards, expertise communities, messaging apps, and extra from know-how suppliers like Bullhorn, Workday, Greenhouse, SmartRecruiters, and SAP SuccessFactors. Grayevsky claims the tech and platform have achieved a median 93% display screen completion price and 79% time-to-interview discount, with a 2.5 instances improve in funnel conversion and a 144% achieve in recruiter productiveness. Mya says it has additionally helped schedule over 400,000 interviews with certified candidates.
Quite a few startups are leveraging AI and automation to streamline the recruitment course of, together with New York-based Fetcher, which crunches information to proactively headhunt new candidates; San Francisco’s Xor, which makes use of AI for recruitment and screening; and New York-based Pymetrics, which helps corporations perform candidate assessments by way of neuroscience video games. There’s additionally Phenom People, a human sources platform that leverages AI to assist corporations entice new expertise, and Headstart, which goals to deal with recruitment bias partly by way of the usage of AI.
For its half, Notion Capital funding director Itxaso del Palacio says Mya has gained “tremendous momentum” previously yr alone, with three instances buyer subscription progress. Mya now helps over 460 manufacturers, six of the eight largest staffing businesses, and 29 of the Fortune 100 corporations, with prospects starting from Hays and Comfort Keepers to Adecco, L’Oreal, Deloitte, and Anheuser-Busch.
“Mya’s mission is incredibly inspiring and impossible to ignore. This blend of interconnectivity and communication is the future of recruiting, and we’re excited to now be a part of building toward that vision,” stated Palacio. “This application has already shown tremendous potential and early success in Europe, and we believe that Eyal, James, and the Mya Systems team, with the breakthrough technology they are offering, are by far the best-positioned company to create a major impact on this market.”
Today’s spherical brings the corporate’s whole raised to over $50 million. Mya is headquartered in San Francisco and has simply over 80 workers (up from 20 workers as of May 2017).
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