Joberate, a global platform of insights that helps organizations attract more diverse talent faster, improve employee engagement and reduce voluntary attrition, announced in a statement that it has raised $1.2 million in the second part of a seed round.
The round was led by Falmouth Ventures LP. The proceeds from the financing will be used to accelerate product development and client expansion.
Joberate’s core technology platform brings together the internet of publicly available yet disparate information about the global workforce. The technology then uses machine learning algorithms to enrich the information with proprietary metadata including patent-pending J-Score®, which has become the standard in measuring online job seeking behavior.
“Joberate clients are leveraging our sophisticated talent sourcing and analytics tools to help them find top talent in this tight labor market,” Michael Beygelman, CEO of Joberate, said in a statement. “We are also seeing growth in clients using our tools to help identify potential talent risk within their own organizations, including early warning of potential workplace bias.”
According to a recent PWC survey, 63 percent of CEOs said availability of skills is a serious concern, while 93 percent of CEOs say that they recognize the need to change their strategy for attracting and retaining talent.
Workplace diversity and inclusion initiatives and the elimination of workplace bias are also top priorities for organizations.
“Joberate has developed a unique technology that helps CHROs and CEOs make better decisions about their workforce,” Daniel Frawley, managing director of Falmouth Ventures LP, said in a statement. “We have been focused on emerging technology in the Talent Management area for 25+ years so when we conducted Joberate client interviews during our due diligence process, it became clear to us that Joberate offers their clients a uniquely valuable technology solution that has become an indispensable part of their HR and Recruitment strategy.”
According to Grand View Research, the Workforce Analytics market will be $1.87 billion by 2025, fueled by the growing concern of large enterprises having to deal with massive volumes of data pertinent to human capital, and the widespread adoption of human capital information system to enhance profitability of the industry by reducing operational cost.