VC firm invests in AI startup
A local venture capital firm is part of a $3-million financing round raised by a startup using artificial intelligence for employee recruitment.
Mount Pleasant, South Carolina-based Engage Talent, an AI company that helps companies identify and engage with passive candidates, will use its newly acquired funds to further develop and improve its predictive recruiting technologies and expand its science and R&D teams.
Grand Rapids-based Grand Ventures was one of the investors in the round, along with Cincinnati-based Refinery Ventures and Revolution’s Rise of the Rest Seed Fund.
"We decided to invest in Engage, because we believe in the value of their technology and the quality and expertise of their people," said Tim Streit, partner, Grand Ventures. "They have a tremendous commitment to using data science and artificial intelligence to help companies be smarter and more effective with their recruiting and workforce planning."
Engage has announced a number of other innovations over the last year, most recently Engage Me!, a new recruiting marketing engine that automatically identifies the best candidates to target based on a recruiter's specifications, as well as the most effective ways to nurture them.
"While we're proud of what we've accomplished, we're eager to use this new funding to accelerate our progress in enhancing and refining our AI recruiting technology," said Joseph Hanna, CEO, Engage Talent.
Engage Talent’s AI technology is focused on predicting people's job security and likelihood to change jobs based on their professional background, career progression and events impacting their companies and industries.
Recruiters use Engage to conduct market research, identify talent pools to target and build a pipeline of passive candidates who are more likely to engage in a job-change discussion.
Some of Engage’s clients include Dell, Hilton and Allstate.
Grand Ventures provides early stage financial and advisory support to entrepreneurs in advanced manufacturing, agricultural transportation and other industries with a “strong Midwest presence.”