Bengaluru-based EdGE Networks, an AI-driven HR tech solutions company, has secured $4.5 million in Series A funding led by Kalaari Capital with participation from Ventureast.
The latest proceeds will be deployed towards strengthening company’s core product offerings for workforce optimization and talent acquisition as well as for geographical expansion.
“AI-driven solutions are fast taking main-stage in solving real problems faced by enterprises and opening up opportunities for step changes in business processes and cost innovations. EdGE Networks is at the forefront of AI-led HR innovation and we are excited to partner with them on their journey,” said Sumit Jain, Partner at Kalaari Capital.
Started in 2013, by Arjun Pratap, EdGE Networks has developed tech-driven human resource (HR) solutions for talent acquisition and workforce management by harnessing artificial intelligence, data science, analytics, and machine learning.
The company’s HR automation platform HireAlchemy reads an employee’s structured data, including certification, roles and skill training information, as well as unstructured data, including work experience summary, targets achieved and appraisal summaries, to find the right match for a requirement internally.
HIREalchemy, the flagship product of EdGE Networks is an active part of the recruitment process for five multinationals firms in India, including names like Wipro, HCL, Dell, Microland, etc.
Competing with the likes of Oracle, Microsoft, and LinkedIn to acquire the intelligent hiring and workforce optimisation business of a major IT company was the first big challenge EdGE Networks faced, besides managing finances, the company said earlier in an interview.
In May, EdGE Networks was selected by Google as one of 6 companies from India for its 2017 Launchpad Accelerator program in San Francisco.
Last year, the company was awarded the Technology Fast 50 India 2016 awards by Deloitte and was also one of the two winners to receive the MIDAS & Deloitte Tech Fast50 Award. EdGE was also named in the NASSCOM Emerge 2016 Awards in its list of top 50 emerging startups in India.
Backed initially by two angels and Pratap himself, in 2013 NSDC (National Skill Development Corporation) funded EdGE Networks with a grant and a debt.
EdGE Networks: Website