Most ample organizations use databases to backing admission resumes from job applicants. What happens to the resumes of the argent medalists—the solid affairs who were the runners-up for job openings—often isn’t well-defined, alike admitting they may be adapted for approaching openings.
Enter analytics startup Restless Bandit, which appear $10 actor in early-stage allotment on Tuesday from GGV Capital and Toba Capital. Its software sorts through archived resumes as new positions are acquaint to advance candidates who accept already been buried by recruiters. Then, it automatically alerts those agent affairs and encourages them to apply.
“The abstraction is that we are rediscovering the aptitude aural your company,” Restless Bandit architect and CEO Steve Goodman told Fortune. Goodman awash his antecedent recruiting software startup, Bright, to LinkedIn (lnkd) for almost $120 million. He started alive on this botheration in 2014. The adventure allotment includes an $8 actor Series A annular and a $2 actor berry investment.
Big companies charge a bigger action to allure top talent.
Restless Bandit’s software is meant for companies with added than 1,000 employees, and at atomic 25,000 to 50,000 resumes buried in their appellant tracking systems, according to Goodman. Companies with 5,000 employees, for example, generally accept added than 1 actor resumes at their disposal. Restless Bandit’s engineering team, which includes Google, LinkedIn, and Bright alumni, acclimated added than 102 actor job descriptions and 30 actor resumes to alternation its software algorithms.
Of course, the capability of Restless Bandit’s algorithms depends on how able-bodied resumes and job descriptions are accounting and organized in the aboriginal place—whether they use the appropriate words or phrases to activate connections. It additionally won’t assignment with abounding earlier appellant tracking systems that aren’t offered as billow services.
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Some of Restless Bandit’s aboriginal barter accommodate restaurant chains IHOP and Applebee’s, assay aggregation comScore, chemicals specialist Cabot, and media alignment Gannett.
“After tens of bags of hours of analysis, we’ve apparent the best candidates are ambuscade in apparent sight—and they are 14 times added acceptable to acknowledge to a company’s email than a algid recruiter message, because there’s an absolute relationship,” Goodman said.
Currently, the account is alone accessible in English. Additionally, it alone works in bike with billow appellant tracking software such as Oracle Taleo, iCIMS, IBM Kenexa, Workday Recruiting, SAP SuccessFactors, or Jobvite.
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