TAtech Industry Insider: News & Announcements – June 12, 2019

Peter Weddle

AllyO Raises $45M Series B Funding in Largest AI Recruiting Round Ever

MOUNTAIN VIEW, Calif., June 05, 2019 (GLOBE NEWSWIRE) — AllyO, the technology company renowned for its end-to-end AI recruiting solution, today announced details of its Series B funding. New investors Sapphire Ventures and Scale Venture Partners join the existing investors Gradient Ventures (Google’s AI fund), Randstad Innovation Fund, Bain Capital Ventures and Cervin Ventures, adding $45 million in the company’s Series B funding. This is the largest round ever raised in the AI recruiting category, bringing the company’s total funding up to $64 million in less than three years. Growing 4.5X in the last year, this new funding will enable AllyO to continue expanding its award-winning recruiting solution, rapidly evolving global presence and industry-leading AI team. As a result of its exceptional customer engagement coupled with the new investment, the company expects that more than 15 percent of Americans will find their next job using AllyO in 2020.
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LinkedIn to shutter Chitu, its Chinese-language app, in July, redirects users to LinkedIn in Chinese

LinkedIn has long eyed China as an important country to offset slowing growth in more mature markets. But now it’s calling time on a localized effort after failing to see it pick up steam. The company has announced that it will be shutting down Chitu — a Chinese-only app it had built targeting younger people and those who had less of a need to network with people outside of the country — at the end of July. “Chitu will officially go offline at the end of July 2019,” the company noted in the statement. “In the future, we will focus on the continuous optimization and upgrade of the LinkedIn app, serving as a one-stop shop to accompany Chinese professionals along each step of their career development and connect to more opportunities.”
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New AI recruitment tool is set to help recruiters save 80% time spent in initial interviews

It was valued at $5.1 million by the end of 2018 and has been invested [in] by organizations such as Oxford University, Will Group (one of the recruiting giants in Japan). Newton is set to be the recruitment tool that will take [out] much of the interview burden in initial phases of the recruitment process. It works through a chatbot on Facebook Messenger, as an AI assistant for candidates’ job search, finding opportunities in a matter of a few minutes. What distinguishes Newton.ai is the ability to select 5 to 10 interested qualified candidates who best fit the position in a matter of minutes. The startup that was founded last year already has clients ranging from scale-ups of incubators such as the Y Combinator or the 500 Startups to big corporates such as Nike.
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Phenom People and ZAPinfo Launch Integration to Reduce Recruiter Sourcing Time

AMBLER, Pa., June 06, 2019 (GLOBE NEWSWIRE) — Phenom People, the global leader in Talent Experience Management (TXM), today announced its integration with ZAPinfo, a recruiting productivity tool, furthering the company’s ongoing commitment to improve the recruiter experience. This integration reduces sourcing time by automating the traditionally manual process of searching, extracting and enriching candidate profiles from sourcing platforms.
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Recruit Holdings announces acquisition of recruiting platform Syft

TOKYO, JAPAN (May 30, 2019) – Recruit Holdings Co., Ltd. announced today that its HR Technology SBU (Strategic Business Unit) has signed an agreement to acquire Syft Online Limited (“Syft”) through Indeed Ireland Operations Limited. Syft is a leading recruiting platform for the hospitality, events and industrial industries in the United Kingdom. Founded in 2015, Syft’s proprietary technology provides a simple, effective recruitment solution and shift management tool for part-time and flexible work, connecting and matching qualified and vetted jobseekers with available shifts through its desktop and mobile app.
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Rectxt launches affordable text recruiting platform to the SMB market

June 3, 2019, VANCOUVER, BC Rectxt, a text recruiting software company co-founded by two recruitment veterans, has announced the BETA release of their text recruiting Chrome extension that enables recruiters to easily send 1:1 text messages and group text campaigns to their candidates in an efficient, scalable, safe and compliant way. With 4X the read-rate and 10x the response rate of email communication, plus the incredible speed that SMS messages can be sent, texting has quickly become the most effective way for recruiters to communicate with candidates today. However, most recruiters are still forced to use their personal cell phones which aren’t designed for recruitment-scale texting or commercial compliance. [With Rectxt], recruiters can download and start texting with their candidates in minutes. Recruiters can easily send 1:1 texts or send personalized group text campaigns directly from their computer. There’s no need for a recruiter to stop and pick up their cell to send or read a text. They can do it right from their computer, leaving their workflow uninterrupted.
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SmartRecruiters Raises $50 Million in New Funding

SAN FRANCISCO, May 29, 2019 — SmartRecruiters, the leading next-generation recruiting platform, today announced it has raised a $50M Series D round, led by repeat investor Insight Partners and joined by long-time investors Mayfield Fund and Rembrandt Venture Partners. The round follows a year marked by strong performance, including 100 percent year-over-year enterprise growth and the launch of SmartAssistant, the first native AI product ever offered within a talent acquisition product suite. SmartRecruiters will invest the funds into accelerating its product roadmap, including deepening the abilities of SmartAssistant through AI and machine learning; geographic expansion in Europe and Asia Pacific, to include hiring 100 people; and broadening the components of SmartRecruiters’ Hiring Success methodology, specifically process optimization, strategy and customer workshops.
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U.S. Employment Situation (May, 2019)

Two days ago, the Federal Reserve Board published its report on regional economic and employment conditions called the Beige Book. We excerpt passages relevant to the staffing and IT sectors, developments in major industries that drive the staffing industry, as well as employment in general. One very common theme heard from employers throughout the country was concern about trade uncertainty and tariffs — so much so that some staffing firms are seeing client companies increasing contract lengths and cutting back on hire services. Some employers, in order to find suitable candidates, are recruiting directly out of high school. In addition, some firms are: “adjusting employment standards” as well as “directing more wage dollars towards retention efforts,” to lessen other employers poaching workers, especially IT professionals. Although wage pressures are throughout the entire labor market spectrum, pressure is greatest for the low- to mid-level skilled positions. The Book includes comments regarding how the labor shortage has given staffing firms some pricing leverage that have been able to increase billing rates.
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